Puran Chand HUF Vs. Income Tax Officer, Ward-5, Hisar
Case No: ITA No.483/Del/2021
Court: Income Tax Appellate Tribunal, Delhi Bench: ‘F’ New Delhi
Date: 3/28/2025
Parties Involved
appellantPuran Chand HUF
respondentIncome Tax Officer, Ward-5, Hisar
Facts Summary
The assessee, Puran Chand HUF, initiated section 154 rectification proceedings claiming that its interest income received from HUDA on account of compulsory acquisition of claim is not assessable under the provisions of the Income-tax Act, 1961. The proceedings were initiated against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre [CIT(A)/NFAC], Delhi, dated 28.03.2021. The assessee was represented by Sh. Ashok Goyal, CA, and Sh. Yash Gilhotra, Adv., while t…
Decision in favour of
Revenue
Legal Issues
- 1. Whether the interest income received from HUDA on account of compulsory acquisition of claim is assessable under the provisions of the Income-tax Act, 1961.
Precedents Relied Upon
1 precedent cited in this judgement.