Compensation u/s 28 of Land Acquisition Act is Taxable u/s 56(2)(viii) r.w.s 145B(1) of Income Tax Act: ITAT [Read Order]

Considering various apex court rulings, ITAT clarified that compensation received under section 28 of the Land Acquisition Act is taxable

By Kavi Priya - On August 26, 2024 4:04 pm - 2 mins read

Compensation - Land Acquisition Act - Taxable - Income Tax Act - ITAT - taxscan

The New Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the compensation received under Section 28 of the Land Acquisition Act is taxable under section 56(2)(viii) r.w.s 145B(1) of the Income Tax Act, 1961. Bhim Singh, the assessee received an interest amount of Rs. 1,05,75,310 under Section 28 of the…

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