interest on land compensation
This query is : Resolved
02 December 2009
sir,
as per the above subject, the interest on land compensation case the interest part paid by the govt. in the F.Y. 2008-09 which was the last 8 to 10 years and the TDS has been deducted on the payable amount @10%.
pls give me advice ( normal procedure to file the income tax return )
can i bifurcate the interest yearly ?
as per the above subject, the interest on land compensation case the interest part paid by the govt. in the F.Y. 2008-09 which was the last 8 to 10 years and the TDS has been deducted on the payable amount @10%.
pls give me advice ( normal procedure to file the income tax return )
can i bifurcate the interest yearly ?
02 December 2009
U can spread over the interest to the respective years vide the following decisions.
Interest must be spread over on annual basis, from date of delivery of possession to date of court order - Where compensation awarded under the Land Acquisition Act is enhanced by the order of the Court on a reference under section 18 of Land Acquisition Act or on further appeals, interest on enhanced compensation cannot be taxed all in lump sum as having accrued on the date on which the Court passes the order for enhanced sum as having accrued on the date on which the Court passes the order for enhanced compensation; the interest has to be spread over on an annual basis right from the date of delivery of possession till the date of the order of the Court on a time basis - K.S. Krishna Rao v. CIT [1990] 181 ITR 408 (SC)/Peter John v. CIT [1986] 157 ITR 711 (Ker.)
Interest must be spread over on annual basis, from date of delivery of possession to date of court order - Where compensation awarded under the Land Acquisition Act is enhanced by the order of the Court on a reference under section 18 of Land Acquisition Act or on further appeals, interest on enhanced compensation cannot be taxed all in lump sum as having accrued on the date on which the Court passes the order for enhanced sum as having accrued on the date on which the Court passes the order for enhanced compensation; the interest has to be spread over on an annual basis right from the date of delivery of possession till the date of the order of the Court on a time basis - K.S. Krishna Rao v. CIT [1990] 181 ITR 408 (SC)/Peter John v. CIT [1986] 157 ITR 711 (Ker.)
03 December 2009
thanks for the details
from vishal
from vishal
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- UDIN ISSUE
- GST ISSUE OF INPUT AND OUTPUT GST
- SALARY CAN BE CAPITALIZE
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Tax rate change regarding
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
