Tuesday, May 11, 2021

Interest received on compensation under Land Acquisition Act is taxable under head other sources; SLP dismissed

INCOME TAX : SLP dismissed against High Court ruling that interest received on compensation or enhanced compensation under Land Acquisition Act, 1894 is to be treated as 'income from other sources' and not under head 'capital gains'

from www.taxmann.com Latest Case Laws https://ift.tt/3eyroTc

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...