Shastri Lal Vs Income Tax Officer, Ward-4(1), Gurgaon

Parties Involved

Facts Summary

The case revolves around the assessment of the interest component of land acquisition compensation received by the assessee, Shastri Lal, under section 28 of the Land Acquisition Act, 1894. The Income Tax Officer assessed this interest as income from 'other sources' under section 57(iv) r.w.s. 56(1)(a) r.w.s. 145A(b) of the Income Tax Act, 1961. The assessee contested this assessment, arguing that the interest was part of the enhanced compensation and thus exempt under section 10(37) of the Act. The case was heard extensively, with both parties presenting their arguments and citing relevant case laws to support their positions.…

Legal Issues

• 1. Correctness of the lower authorities' action in assessing the interest component of land acquisition compensation.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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