DIRECT TAXES – S.5. Income – Accrual – Interest on enhanced compensation of land

Description:

Interest on enhanced compensation of land is liable to be taxed once it was received .

Dy CIT vs. Gopal Ramnarayan Kasat  (2011) 240 CTR 266/54 DTR 228 (Bom.) High Court ).  

Source:

1. www.aiftponline.org.

2. AIFTP TIMES Volume.No.2 July, 2011,Page No. 5.

Our Comment:

Accrued interest on enhanced compensation on acquisition of land is taxable on receipt basis