SAMADHAN KRUSHNA KATEKAR,RAIGAD vs. NATIONAL FACELESS ASSESSMENT CENTRE, RAIGAD

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ITA 426/PUN/2024Status: DisposedITAT Pune27 May 2024AY 2016-17Bench: SHRI S.S. GODARA (Judicial Member), SHRI G.D. PADMAHSHALI (Accountant Member)12 pages
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What did the Tribunal hold?

The tribunal held that interest income on land acquisition compensation is not taxable in the hands of the assessee, following the jurisdictional High Court's decision. However, the addition of Rs. 14,84,463/- as interest income was sustained as the sister had not offered it in her return.

What were the facts?

The assessee appealed against the addition of Rs. 1,80,94,690/- as interest income on land acquisition compensation and Rs. 14,84,463/- as interest income from fixed deposits. The first addition was disputed by the State Government and its receipt was contingent, while the second was claimed to be the sister's income.

What were the issues?

Whether interest income received on enhanced land acquisition compensation is taxable, and whether interest income from fixed deposits, claimed to be the sister's, is taxable in the assessee's hands.

Which sections of the Income-tax Act were involved?

Section 250,Section 56(2)(viii),Section 145B,Section 28

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Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE

Before: SHRI S.S. GODARA & SHRI G.D. PADMAHSHALI

For Respondent: Shri Sourabh Nayak, Addl.CIT

आदेश की प्रतिलिपि अग्रेपिि/Copy of the Order is forwarded to: अपीऱधर्थी / The Appellant; 1. प्रत्यर्थी / The Respondent; 2. 3. The concerned Pr.CIT(A), Pune विभागीय प्रविविवि, आयकर अपीलीय अविकरण, पुणे “B” / 4. DR „B‟, ITAT, Pune गार्ड फाईल / Guard file 5. आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अविकरण ,पुणे / ITAT, Pune

Date 1. Draft dictated on 21-05-2024 Sr.PS 2. Draft placed before author 22-05-2024 Sr.PS 3. Draft proposed & placed before the JM second member 4. Draft discussed/approved by Second JM Member. 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order.

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