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Income Tax Act – Section 45(5) – compensation of land under sec.23 , 23 A, 28 & 34 of L.A.Act by brothers as legal heirs for the land of father – whether all the brothers can be considered as AoP and whether interest is also taxable and payable by spread over the period – A.O. held that the brothers as AoP not individuals & held that taxable is payable by the date of receipt of interest – High court consider them as Individuals but not A.o.P. and held that it should be spread over from the date of dispossession to till the date of actual payment – Apex court held that since the property came from inheritance but not by formation in to association of persons – the question of Association of Persons not applicable – for the second point – interest is not taxable as it is derived from business – so the interest paid under sec.34 of LA Act is not taxable but the interest paid under Sec.28 is a part of compensation and is liable to be taxed – tax is payable whenever received but not for a spread over period – allowed the appeal = CIVIL APPEAL NO(S). 8103/2009 COMMR.OF INCOME TAX,RAJKOT Appellant(s) VERSUS GOVINDBHAI MAMAIYA Respondent(s) = 2014 – Sept. Month – http://judis.nic.in/supremecourt/filename=41908

Income Tax Act – Section 45(5)  – compensation of land under sec.23 , 23 A, 28 & 34 of L.A.Act by brothers as legal heirs for the land of father – whether all the brothers can be considered as AoP and whether interest is also taxable and payable by spread over the period – A.O. … Continue reading

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