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“Section 45(5)”

Section References (mined)Section 45Section 45(5)201 judgments

The decision most relied on for Section 45(5) is CIT v. Ghanshyam (HUF) (315 ITR 1), cited in 363 judgments on BharatTax.

Leading authorities on Section 45(5)

CIT v. Ghanshyam (HUF)
315 ITR 1 · 2009 · Supreme Court
363
citing judgments

Interest received under Section 28 of the Land Acquisition Act, 1894, is considered part of the enhanced compensation on compulsory acquisition of land. It is taxable as 'capital gains' and not separately as 'interest income' under the head Income from Other Sources.

Rama Bai v. CIT
181 ITR 400 · 1990 · Supreme Court
258
citing judgments

Interest income is taxable on either an accrual or cash basis, determined by accounting principles. This method was applicable prior to legislative changes that simplified the taxation of interest income.

CIT v. Govindbhai Mamaiya
91 Taxmann.com 20 · 2018 · Supreme Court
205
citing judgments

Interest on enhanced compensation received under Section 28 of the Land Acquisition Act, 1894, is considered part of the compensation, not merely interest income, and is exigible to tax on a receipt basis.

CIT v. Sohana Woollen Mills
296 ITR 238 · 2008 · High Court
180
citing judgments

A mere audit objection, by itself, is insufficient to infer that an Assessing Officer's order is erroneous or prejudicial to the interest of the Revenue for the purpose of initiating revisional proceedings.

Mahender Pal Narang v. CBDT
161 Taxmann.com 301 · 2024 · High Court
178
citing judgments

Interest received as enhanced compensation under Section 28 of the Land Acquisition Act, 1894, for compulsory acquisition of land is taxable as "income from other sources" under Sections 56(2)(viii) and 57(iv) of the Income-tax Act, 1961, and is not exempt under Section 10(37).

CIT v. Hindustan Coca Cola Beverages P Ltd.
331 ITR 192 · 2011 · High Court
152
citing judgments

The Principal Commissioner of Income Tax cannot exercise revisional jurisdiction under Section 263 if the Assessing Officer has taken one of two possible views on a debatable issue during assessment proceedings.

CIT v. Ganpat Ram Bisnoi
296 ITR 292 · 2008 · High Court
145
citing judgments

An assessment order cannot be revised under Section 263 for being erroneous due to a perceived lack of enquiry if the Assessing Officer has already conducted an enquiry, applied their mind, and accepted the assessee's explanation.

CIT v. Lakhani Marketing Inc.
49 Taxmann.com 257 · 2014 · High Court
145
citing judgments

Disallowance under Section 14A of the Income Tax Act, 1961, cannot exceed the actual tax-exempt income earned by the assessee during the relevant year. If no tax-exempt income is earned, no disallowance under Section 14A is warranted.

Judgments citing Section 45(5)

Deputy Commissioner of Income Tax, Central Circle-3, Jaipur vs. M/S Vision Estates Pvt. Ltd., Jaipur

In the result, the appeals of the revenue stands dismissed

ITA 266/JPR/2022[2016-17]Status: DisposedITAT Jaipur24 May 2023AY 2016-17

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLEH JAYANTBHAI (Accountant Member)

Section 143(3)

facts: Sr. Issued raised by the assessee Finding of the AO No. 1 As the land was acquired by JDA in As per Section 45(5)(a) of the the financial year 2005/2006 and Act, the consideration received as such capital gain (if any) was on transfer of a capital ... forms of land transfer. Hence, the case is squarely covered under the definition of transfer of capital asset. Also section 45(5) of the I.T.Act, 1961 is related to capital gain in case of compulsory acquisition of land which is applicable in this case. Hence, the assessee’s theory

Deputy Commissioner of Income-Tax, Central Circle-3, Jaipur vs. M/S Chokhi Dhani Developers Pvt. Ltd., Jaipur

In the result, the appeals of the revenue stands dismissed

ITA 265/JPR/2022[2016-17]Status: DisposedITAT Jaipur24 May 2023AY 2016-17

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLEH JAYANTBHAI (Accountant Member)

Section 143(3)

facts: Sr. Issued raised by the assessee Finding of the AO No. 1 As the land was acquired by JDA in As per Section 45(5)(a) of the the financial year 2005/2006 and Act, the consideration received as such capital gain (if any) was on transfer of a capital ... forms of land transfer. Hence, the case is squarely covered under the definition of transfer of capital asset. Also section 45(5) of the I.T.Act, 1961 is related to capital gain in case of compulsory acquisition of land which is applicable in this case. Hence, the assessee’s theory

Deputy Commissioner of Income-Tax, Central Circle-3, Jaipur vs. M/S Rigid Conductors (Raj.) Pvt. Ltd., Jaipur

In the result, the appeals of the revenue stands dismissed

ITA 264/JPR/2022[2016-17]Status: DisposedITAT Jaipur24 May 2023AY 2016-17

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLEH JAYANTBHAI (Accountant Member)

Section 143(3)

facts: Sr. Issued raised by the assessee Finding of the AO No. 1 As the land was acquired by JDA in As per Section 45(5)(a) of the the financial year 2005/2006 and Act, the consideration received as such capital gain (if any) was on transfer of a capital ... forms of land transfer. Hence, the case is squarely covered under the definition of transfer of capital asset. Also section 45(5) of the I.T.Act, 1961 is related to capital gain in case of compulsory acquisition of land which is applicable in this case. Hence, the assessee’s theory

ITO Ward - 2, Hisar vs. Hari Singh Saini, Hisar

In the result, the Revenue’s appeal stands dismissed

ITA 1539/DEL/2020[2012-13]Status: DisposedITAT Delhi20 Mar 2023AY 2012-13
For Appellant: Shri Kuldip Khera, CAFor Respondent: Ms. Indu Bala Saini, Sr. DR
Section 14SSection 155(16)Section 28Section 4Section 45(5)Section 45(5)(c)Section 56(2)(viii)

this stage it may be apt to quote the following part of the decision of the Supreme Court in Ghanshyam (HUF): "54. Section 45(5) read as a whole [including clause (c)]not only deals with reworking as urged on behalf of the assessee but also with the change ... claimant to withdraw against security or otherwise the enhanced compensation (which is in dispute), the same is liable to be taxed under Section 45(5) of the 1961 Act. This is the scheme of Section 45(5) and Section 155(16) of the 1961 Act. We may clarify that even

Income Tax Officer Ward-2 (1), Jammu vs. Shri Mohd Aslam Baggar, Jammu

In the result, the appeal of the department is dismissed

ITA 104/ASR/2020[2015-16]Status: DisposedITAT Amritsar28 Feb 2023AY 2015-16

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

For Appellant: Sh. Joginder Singh, CAFor Respondent: Sh. Hitendra Bhauraoji Ninawe, CIT DR
Section 10Section 10(37)Section 45(5)

that the capital gains were to be calculated/leviable based on the year in the which the compensation was actually received in terms of Section 45(5) i.e. FY 2014-15 and not the year in which the land was acquired. The appellant craves to amend ... coming to the legal issue of applicability of section 10(37) of the Act as claimed by the appellant before the A.O. or section 45(5)(a) of the Act under which the Assessing Officer charged the appellant with Capital gain, it is imperative to examine the facts

Subhash Chand Dhingra, Gurgaon vs. ACIT Central Circle-3(1), Gurgaon

The appeals are dismissed

ITA 1063/DEL/2022[2017-18]Status: DisposedITAT Delhi07 Feb 2023AY 2017-18

Bench: Shri Shamim Yahya & Shri Anubhav Sharmasubhash Chand Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Central Circle-3(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Aarpd8652J Satish Kumar Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Circle-4(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Aanpd1971A Ashok Kumar Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Circle-1(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Abupd6730B Giriraj Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Circle-1(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Achpd9434E

For Appellant: Smt. Kavita Jha, AdvFor Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 10(37)Section 139(4)Section 139(5)Section 143Section 143(3)Section 145ASection 263Section 56(2)(viii)Section 57

judgment of Hon'ble Supreme Court in the case of Ghanshyam HUF (supra) and observed that the issues there pertained to interpretation to section 45(5) of the Act as it stood prior 01.04.2004 and the Hon'ble Supreme Court did not have any question regarding the taxation of interest ... under section 23(2) and interest on excess compensation under section 28 of the Land Acquisition Act form part of enhanced compensation under section 45(5)(b) and, therefore, is subject to tax under section 45(5) in the year of receipt. No contrary view is taken by the Supreme

Ashok Kumar Dhingra, Gurgaon vs. ACIT Circle-1(1), Gurgaon

The appeals are dismissed

ITA 1061/DEL/2022[2017-18]Status: DisposedITAT Delhi07 Feb 2023AY 2017-18

Bench: Shri Shamim Yahya & Shri Anubhav Sharmasubhash Chand Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Central Circle-3(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Aarpd8652J Satish Kumar Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Circle-4(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Aanpd1971A Ashok Kumar Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Circle-1(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Abupd6730B Giriraj Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Circle-1(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Achpd9434E

For Appellant: Smt. Kavita Jha, AdvFor Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 10(37)Section 139(4)Section 139(5)Section 143Section 143(3)Section 145ASection 263Section 56(2)(viii)Section 57

judgment of Hon'ble Supreme Court in the case of Ghanshyam HUF (supra) and observed that the issues there pertained to interpretation to section 45(5) of the Act as it stood prior 01.04.2004 and the Hon'ble Supreme Court did not have any question regarding the taxation of interest ... under section 23(2) and interest on excess compensation under section 28 of the Land Acquisition Act form part of enhanced compensation under section 45(5)(b) and, therefore, is subject to tax under section 45(5) in the year of receipt. No contrary view is taken by the Supreme

Satish Kumar Dhingra, Haryana vs. ACIT Circle-4(1), Gurgaon

The appeals are dismissed

ITA 1060/DEL/2022[2017-18]Status: DisposedITAT Delhi07 Feb 2023AY 2017-18

Bench: Shri Shamim Yahya & Shri Anubhav Sharmasubhash Chand Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Central Circle-3(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Aarpd8652J Satish Kumar Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Circle-4(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Aanpd1971A Ashok Kumar Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Circle-1(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Abupd6730B Giriraj Dhingra, Vs. Acit, House No. 1/43, Shivaji Nagar, Circle-1(1), Gurgaon Gurgaon (Appellant) (Respondent) Pan: Achpd9434E

For Appellant: Smt. Kavita Jha, AdvFor Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 10(37)Section 139(4)Section 139(5)Section 143Section 143(3)Section 145ASection 263Section 56(2)(viii)Section 57

judgment of Hon'ble Supreme Court in the case of Ghanshyam HUF (supra) and observed that the issues there pertained to interpretation to section 45(5) of the Act as it stood prior 01.04.2004 and the Hon'ble Supreme Court did not have any question regarding the taxation of interest ... under section 23(2) and interest on excess compensation under section 28 of the Land Acquisition Act form part of enhanced compensation under section 45(5)(b) and, therefore, is subject to tax under section 45(5) in the year of receipt. No contrary view is taken by the Supreme

Sh. Manjeet Singh, Karnal vs. ITO, Karnal

In the result, the appeals of the assessees are allowed

ITA 1391/DEL/2017[2011-12]Status: DisposedITAT Delhi25 Jan 2023AY 2011-12

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

For Appellant: Sh. Aditya Srinivasan, CAFor Respondent: Sh. K. K. Mishra, Sr. DR
Section 10(37)Section 145ASection 2Section 23(1)Section 28Section 4Section 56Section 56(2)(viii)

clarified that whereas compensation given to the assessee of the land acquired would be 'income', the enhanced compensation/consideration becomes income by virtue of Section 45(5)(b) of the Income Tax Act. The question was whether it will cover “interest” and if so, what would be the year of taxability ... which depends on undue delay in making the award. 50. It is true that “interest” is not compensation. It is equally true that Section 45(5) of the 1961 Act refers to compensation. But as discussed hereinabove, we have to go by the provisions of the 1894 Act which awards

Sh. Puneet Singh, Karnal vs. ACIT, Karnal

In the result, the appeals of the assessees are allowed

ITA 1389/DEL/2017[2011-12]Status: DisposedITAT Delhi25 Jan 2023AY 2011-12

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

For Appellant: Sh. Aditya Srinivasan, CAFor Respondent: Sh. K. K. Mishra, Sr. DR
Section 10(37)Section 145ASection 2Section 23(1)Section 28Section 4Section 56Section 56(2)(viii)

clarified that whereas compensation given to the assessee of the land acquired would be 'income', the enhanced compensation/consideration becomes income by virtue of Section 45(5)(b) of the Income Tax Act. The question was whether it will cover “interest” and if so, what would be the year of taxability ... which depends on undue delay in making the award. 50. It is true that “interest” is not compensation. It is equally true that Section 45(5) of the 1961 Act refers to compensation. But as discussed hereinabove, we have to go by the provisions of the 1894 Act which awards

Sana Shah, Panipat vs. ITO, Ward-1, Panipat

Appeal stands dismissed

ITA 1702/DEL/2022[2018=-19]Status: DisposedITAT Delhi17 Jan 2023

Bench: Shri N.K. Billaiya & Shri Anubhav Sharmasana Shah, Vs. Ito, 744-745, Model Town, Ward-1, Panipat, Haryana Panipat (Appellant) (Respondent) Pan: Bopps2855R

For Appellant: Ms. Aditi S. Mann, AdvFor Respondent: Ms. Kajal Singh, Sr. DR
Section 10Section 10(37)Section 143(3)Section 145BSection 28Section 5Section 54(4)Section 56Section 56(2)(viii)

year in which the amount is received by the assessee. This issue came up before Apex Court in Ghanshyam's case (supra). Considering Sections 45(5) and 155(16) of the 1961 Act, it was held that enhanced compensation received under the 1894 Act may be received in multiple stages

G.Prasanna Venkatesan, Coimbatore vs. ITO Non Corp. Ward 2(4), Coimbatore

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1973/CHNY/2019[2013-14]Status: DisposedITAT Chennai14 Dec 2022AY 2013-14

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri Arjun Raj, CAFor Respondent: Shri D. Hema Bhupal, JCIT
Section 133ASection 143(3)Section 45(3)Section 45(5)Section 68

Rs.1,72,32,320/- being the investment in the account of M/s.GG Jewellery in the books of assessee firm by applying provisions of section 45(5) of the Act. 4. Brief facts are that the assessee filed his return of income for the relevant assessment year ... made addition of the entire amount of Rs.1,65,92,320/- as additional investment on conversion of gold by invoking the provisions of section 45(5) of the Act. Aggrieved, assessee preferred appeal before CIT(A). 5. The CIT(A) also confirmed the action of the AO and directed

Anil Bhagwan Advani, Mumbai vs. ITO (It) 1(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 4385/MUM/2015[2011-12]Status: DisposedITAT Mumbai28 Jul 2022AY 2011-12

Bench: Shri Amit Shukla & Shri Gagan Goyal

For Appellant: Sh. Tapas MisraFor Respondent: Smt. Shailja Rai, CIT-DR
Section 154Section 251(1)Section 45(5)(b)Section 48Section 55A

Defence/Special Land Acquisition Officer pursuant to the Supreme Court order and tax the same under the head 'Capital Gain' in terms of section 45(5)(b) r.w.s. 48 of the IT Act and the balance interest paid to assessee for any delay in payment of the compensation, from the date ... enhancement of the consideration by any court, tribunal authority or other authority, the capital gains shall be dealt in the manner specified under Section 45(5) of the Act. In view of the above mentioned discussion, I consider it proper and appropriate to hold that

Leila Advani, Mumbai vs. ACIT - 16(2), Mumbai

In the result, appeal of the revenue is dismissed

ITA 2270/MUM/2016[2011-12]Status: DisposedITAT Mumbai18 Jul 2022AY 2011-12
For Appellant: Sh. Tapas MishraFor Respondent: Smt. Shailja Rai, CIT-DR
Section 143Section 143(2)Section 45(5)(b)Section 48Section 48(1)Section 54F

Defence Special Land Acquisition Officer pursuant to the Supreme Court order and tax the same under the head 'Capital Gain in terms of section 45(5)(b) r.w.s. 48 of the I.T Act and the balance interest paid to assessee for any delay in payment of the compensation from ... compensation (enhanced) received for abolition of Jagirs for the trees standing on Jagir lands is assessable in the year of receipt as per section 45(5)(b); 5 lakhs in the assessment year 1987-88 and Rs. 18,97,697 in 1989-90 when the compensation was received

Shri Muniyappa Narashimaiah, Bangalore vs. Income Tax Officer, Ward- 6(2)(3), Bangalore

In the result, appeal of the assesseeis treated as allowed for statistical purposes

ITA 26/BANG/2021[2013-14]Status: DisposedITAT Bangalore27 Apr 2022AY 2013-14

Bench: Shri N. V. Vasudevan & Ms. S. Padmavathyassessment Year :2013-14 Shri. Muniyappa Narashimaiah, Vs. Ito, No.120/1, Hessarghatta Main Road, Ward – 6(2)(3), Bhuvaneshwari Nagar, T Dasarahalli, Bengaluru. Bengaluru – 560 057. Pan : Abmpn 5245 R Appellant Respondent Assessee By : Shri. Mahesh Kumar, Advocate Revenue By : Shri. Priyadarshini Mishra, Addl. Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 25.04.2022 Date Of Pronouncement : 27.04.2022 O R D E R Per N. V. Vasudevan: . V. Vasudevan

For Appellant: Shri. Mahesh Kumar, AdvocateFor Respondent: Shri. Priyadarshini Mishra, Addl. CIT(DR)(ITAT), Bengaluru
Section 10(37)Section 143(3)Section 263Section 54Section 54B

establish there was residential house which was compulsorily acquired by BMRCL. Besides the above, the Revenue authorities also took the view that under section 45(5)(b) of the Act, additional compensation / enhanced compensation is taxable in the year in which the same is received by an assessee. According ... arises out of original compensation received by an assessee. In our opinion, this reason given by the Revenue authorities is not acceptable because section 45(5)(b) of the Act only mentions that enhanced Page 8 of 9 compensation is chargeable to tax in the year in which the same

Perfect Thread Mills Ltd, Mumbai vs. ITO WD 8(2)(4), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 349/MUM/2011[2007-08]Status: DisposedITAT Mumbai24 Feb 2022AY 2007-08

Bench: S. Rifaur Rahman, Hon'Ble & Shri Amarjit Singh, Hon'Ble&

For Appellant: Department by Shri Mehul Jain

cases. Enhanced compensation along with interest and certain other amounts was received by the assessee was assessed on receipt basis in terms of section 45(5)(b) of Income Tax Act. This was objected on the ground, that decree/order of the civil court was challenged by the State in further ... compensation was received as per Interim order with certain conditions or without any condition. Relying on the same and in view of provisions section 45(5)(c) the assessment of enhanced compensation received is sustained. (iv) The argument for adopting cost of acquisition as on 01.1981 cannot be accepted

Bhule Ram Sharma, Noida vs. ACIT, Circle-1, Noida

In the result, the appeal of the assessee is allowed

ITA 7085/DEL/2018[2015-16]Status: DisposedITAT Delhi25 Oct 2021AY 2015-16

Bench: Sh. Amit Shukladr. B. R. R. Kumarita No. 7085/Del/2018 : Asstt. Year : 2015-16 Bhule Ram Sharma, Vs Acit, Village-Nagla Charan Das, Po-Nepz, Circle-1, Phase-Ii, Noida, U.P.-201305 Noida (Appellant) (Respondent) Pan No. Asrps4421C Assessee By : Sh. Ved Jain, Adv. & Revenue By : Sh. Sanjay Tripathi, Sr. Dr Date Of Hearing: 21.10.2021 Date Of Pronouncement: 25.10.2021

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. Sanjay Tripathi, Sr. DR
Section 145ASection 194ASection 28Section 56Section 56(2)(viii)Section 57Section 96

that whereas compensation given to the assessee o f the land acquired would be 'income', the enhanced compensation/consideration becomes income by virtue of Section 45(5)(b) of the Income Tax Act. The question was whether it will cover "interest" and if so, what would be the year of taxability ... which depends on undue delay in making the award. 50. It is true that "interest" is not compensation. It is equally true that Section 45(5) of the 1961 Act refers to compensation. But as discussed hereinabove, we have to go by the provisions of the 1894 Act which awards

Commissioner of Income Tax Delhi vs. Ms Suman Dhamija

ITA - 21 / 2003HC Delhi08 Dec 2015

income of Mr. Dhamija for AY 1985-86. 27. The AO, by order dated 18th March 1993, held that under Section 45(5) the entire amount of compensation is to be taxed in the year of receipt and that since Mr. Dhamija was not following the mercantile system of accounting ... appeal by Mr. Dhamija held, inter alia, that Section 45 (5), was not applicable on the enhanced compensation since 2015:DHC:10010-DB ITA Nos.20, 21 & 24 of 2003 and WTA Nos.3, 4, 5 & 6 of 2003 Page 16 of 39 as of that date the order of the Delhi

Commissioner of Income Tax Delhi vs. Ms. Suman Dhamija

ITA - 20 / 2003HC Delhi08 Dec 2015

income of Mr. Dhamija for AY 1985-86. 27. The AO, by order dated 18th March 1993, held that under Section 45(5) the entire amount of compensation is to be taxed in the year of receipt and that since Mr. Dhamija was not following the mercantile system of accounting ... appeal by Mr. Dhamija held, inter alia, that Section 45 (5), was not applicable on the enhanced compensation since 2015:DHC:10010-DB ITA Nos.20, 21 & 24 of 2003 and WTA Nos.3, 4, 5 & 6 of 2003 Page 16 of 39 as of that date the order of the Delhi

Commissioner of Income Tax Del vs. Gulab Sundri Bapna

Appeal is disposed of

ITA - 198 / 2001HC Delhi28 Aug 2014
Section 18Section 4Section 45(5)(b)Section 48(2)Section 6

received by the assessee during the previous year relevant to assessment year 1988-89 is taxable in view of the provisions of Section 45(5)(b) of the I.T. Act? 3. Whether the ITAT is correct in law that no capital gains arose to the assessee on receipt ... taxable till the dispute was finally decided by the High Court. 5. Appeal filed by the Revenue before the Tribunal relying upon Section 45(5) of the Act was rejected observing that the word „received‟ would not include or mean compensation received, if the assessee was liable to refund