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Interest received on compulsory acquisition

This query is : Resolved 
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(Querist)
24 February 2013 FACTS : Agri. Land compulsory acquired in the year 2003. court order passed in the year 2011. Interest paid on acquisition + Compensation. Amount released in PORTION of total compensation including interest. But TDS is deducted for whole of Interest payable.

QUESTION: Income-Tax returns to file on Accrued Basis OR PRO-DATA BASIS. (e-TDS returns filed by deductor as full amount of Interest paid)
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
24 February 2013
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As per Section 145A, it has been prescribed that interest received on compensation shall be deemed to be the income of the year in which it is received. So, receipt basis will prevail only.
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However, vide Section 57(iv), 50% deduction can be claimed in respect to such interest income.
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