Kanta Rani Yadav Vs. The P.C.I.T
Parties Involved
Facts Summary
The assessee, Kanta Rani Yadav, received interest amounting to Rs. 34,40,660/- under Section 28 of the Land Acquisition Act, 1894 on enhanced compensation for the acquisition of agricultural land. The assessee claimed this interest as exempt under Section 10(37) of the Income Tax Act. However, the Principal Commissioner of Income Tax (PCIT) invoked Section 263 of the Income Tax Act to set aside the Assessing Officer's (AO) order, directing the AO to treat the interest as income from other sources under Section 56(2)(viii) and allowing a 50% deduction under Section 57(iv). The assessee appealed this decision, arguing that the interest should be exempt as per previous judicial decisions.…
Decision in favour of
Revenue
Legal Issues
- 1. Whether the interest received on enhanced compensation under Section 28 of the Land Acquisition Act, 1894 is exempt under Section 10(37) of the Income Tax Act.
Judgment Outcome
Decided in favour of Revenue.
Precedents Relied Upon
6 precedents cited in this judgement.
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