Tax deducted at source (TDS) credit against enhanced ...

Excess Tax Deducted on Enhanced Land Acquisition Compensation Refundable Despite Time Limit.

Case Laws Income Tax

September 13, 2024

Tax deducted at source (TDS) credit against enhanced compensation received under Land Acquisition Act. Petitioner's application for revised tax return rejected based on time limitation and circular. Court held revised return along with tax certificate need not be furnished if certificate produced within two years from assessment year-end. Assessing Officer bound to amend assessment order u/s 155(14). Excess tax paid entitles assessee to claim refund u/s 237. Limitation inapplicable due to court's prerogative writ. Land Acquisition Collector responsible for TDS deduction u/s 204, assessee not liable u/s 205. Impugned order quashed, directing respondents to process revised return for refund u/s 227 with applicable interest for delayed credit.

View Source

← Previous Next →

Tax deducted at source (TDS) credit against enhanced ...

Excess Tax Deducted on Enhanced Land Acquisition Compensation Refundable Despite Time Limit.

Case Laws Income Tax

September 13, 2024

You may also like:

Characterization of receipt - interest received by the assessee u/s 28 and 34 of the Land Acquisition Act, 1894 - The Delhi High Court, in a case concerning the...

Compensation received under an award passed by the Land Acquisition Officer u/s 24(1) of the Right to Fair Compensation and Transparency in Land Acquisition,...

Receipt of interest on enhanced compensation - Income from other sources - the interest received by the assessee u/s 28 of the Land Acquisition Act, 1984 on enhanced...

TDS on enhanced compensation - whether the compensation is paid for property other than agricultural land or otherwise - Since the Land Acquisition Collector had...

Taxability of sum received as interest on enhanced compensation - interest awarded u/s. 28 of the Land Acquisition Act, 1894 - enhanced compensation received on...

Addition u/s.56(2)(viii) - interest for delayed payment of compensation under the Land Acquisition Act - interest received by the assessee towards delayed payment of...

Capital Gain on the acquisition of Land - Claim of exemption u/s 10(37) - The SDM report categorically mentioned that no compensation for standing crops was given to the...

Interest granted u/s 28 of the Land Acquisition Act on enhanced compensation or compensation awarded by the reference court u/s 18, from the date of land possession till...

Nature of land - capital gain on sale of land - exemption u/s 10(37) - assessee's agricultural land was compulsorily acquired by following entire procedure prescribed...

Interest received on compensation/enhanced compensation u/s 28 and 34 of the Land Acquisition Act - The compensation being exempt u/s 10(37) of the Act is not disputed....

Interest received on enhanced compensation u/s 56(2)(viii) is taxable as income from other sources and not under capital gains. The Punjab & Haryana High Court's...

Levy of service tax - Consideration for tolerating the act of cancellation of the coal blocks - Both the cancellation of the allocation of the blocks and the receipt of...

Liability to deduct tax at source u/s 194LA or u/s 194IA - payments of compensation for acquisition of land - income is exempted in the hands of recipients - No TDS liability - HC

Enhanced Compensation – Interest on enhanced compensation - Waiver of Interest - assessee was entitled for waiver of interest till the date of receipt of enhanced...

Addition made for interest received on enhanced compensation on account of compulsorily acquisition of Agriculture land - CIT(A) was not correct in upholding the...

Quick Updates: