Characterization of interest received u/s 28 of the Land ...

Interest on enhanced compensation for land acquisition: Taxable or exempt? Court rulings diverge.

Case Laws Income Tax

November 26, 2024

Characterization of interest received u/s 28 of the Land Acquisition Act, 1894, as part of enhanced compensation for compulsory acquisition of agricultural land. The key points are: whether the interest is a revenue receipt chargeable as income from other sources or an integral part of exempt compensation u/s 10(37). The Punjab & Haryana High Court held that such interest is taxable income from other sources. The Delhi High Court observed that enhanced compensation and interest thereon are income from other sources, considering the Finance (No. 2) Act, 2010 and the Ghanshyam Das (HUF) judgment. The ITAT dismissed the assessee's appeal, concluding that interest on compensation or enhanced compensation is taxable income from other sources u/s 56(2)(viii).

View Source

← Previous Next →

Characterization of interest received u/s 28 of the Land ...

Interest on enhanced compensation for land acquisition: Taxable or exempt? Court rulings diverge.

Case Laws Income Tax

November 26, 2024

You may also like:

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...

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...

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

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...

Interest received on compensation or enhanced compensation amount u/s 28 of the Land Acquisition Act - Such interest are part of compensation and either taxable as...

The ITAT Pune ruled on interest income from land acquisition and fixed deposits. Interest u/s 28 of Land Acquisition Act is not taxable based on Bombay High Court...

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...

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...

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....

Nature of income - Income from other sources - interest income received u/s. 28 of Land Acquisition Act, 1984 as taxable u/s 56(2)(viii) r.w.s. 145A(b) - Scope of...

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

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

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,...

Correct head of income - interest received under Section 28 of the Land Acquisition Act, 1894 - part take the character of the compensation and would fall under the head...

The Supreme Court held that the acquisition proceedings failed to comply with the statutory requirement of paying full and final compensation to the landowners before...

Quick Updates: