Kapoor Singh v. Chief Commissioner Of Income Tax And ANR.




    
 




  
 


 

 
 

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GAURAV ARORA 2023.05.01 12:13 I attest to the accuracy and authenticity of this order/document P&H HC, Chandigarh

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Whether, on the facts and circumstances of the case, the Hon'ble ITAT is right in holding that assessment of interest cannot be made until the matter is finally settled by the High Court, in contradiction with the judgment of Hon'ble jurisdictional High Court of Punjab & Haryana following the judgment of Apex Court in the case of CIT Vs. Rama Bai (181 ITR 400) whereby interest on enhanced compensation is to be taxed on accrual basis irrespective of the pendency of appeal in higher courts in respect of enhanced compensation [ITA No. 176 of 05 and ITA No. 177 of 05 in the case of CIT, Faridabad Vs. Naresh Kumar and CIT, Faridabad Vs. Dilbagh Singh, respectively)?"

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However, the position with regard to receipt of interest on account of delayed payment received under Section 34 of the Land Acquisition Act, 1894 (in short "1894 Act") would be different where the assessee is following cash system of accountancy. In cash system of accountancy, the income is taxed in the year of receipt and since the assessee had received the amount during the year in question, the same was taxable in the assessment year 2002-2003. Further, under cash system it cannot be said that the assessee had not received any income from interest under Section 34 of the 1894 Act.
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