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Direct Taxation
Interest received under Land Acquisition Act is taxable in year of receipt under head income from other sources
Interest received under Land Acquisition Act is taxable in year of receipt under head income from other sources
The High Court of Punjab and Haryana held that where assessee, a landowner, received interest under section 28 of Land Acquisition Act, 1894, said interest was taxable under section 56 as income from other sources in year of receipt.
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