The assessee\u2019s land was acquired in the previous years relevant to the assessment years 2007-08 and 2008-09. Enhanced compensation was received on March 21, 2016. In his return for the assessment year 2016-17 the assessee treated the interest received under section\u00a028\u00a0of the\u00a0Land Acquisition Act, 1894\u00a0, as income from other sources and claimed deduction of 50 per cent. under section\u00a057(iv)\u00a0. The return was processed under section\u00a0143(1)\u00a0of the Act. The assessee filed an application under section\u00a0264\u00a0of the Act claiming that he had treated the interest income as income from other sources by mistake whereas it was part of enhanced compensation. The revisional authority rejected the application. On a writ \u00a0dismissing the petition the Court held that the interest received on compensation or enhanced compensation by the assessee under section\u00a028\u00a0of the 1894 Act for acquisition of land was to be treated as \u201cincome from other sources\u201d and not under the head \u201ccapital gains\u201d. The language of sections\u00a056(2)(viii)\u00a0and\u00a057(iv)\u00a0of the 1961 Act is plain, simple and unambiguous. There is no scope for taking outside aid for giving an interpretation to the newly inserted sub-sections and clauses.( AY.2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.56: Income from other sources- Capital gains-Acquisition of Land \u2013 Interest on enhance compensation \u2014 Assessable as income from other sources- Language of section plain and unambiguous \u2014 External aids cannot be adopted to interpret provision . [ 10(38), 45 56(2)(viii), 145A,, 264, Land Acquisition Act , 1894 , 28 Art .226 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12194","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3aG","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12194"}],"version-history":[{"count":4,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12194\/revisions"}],"predecessor-version":[{"id":45762,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12194\/revisions\/45762"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}