Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. CBDT further extends the time for Linking PAN with Aadhaar till 30th June, 2018.

Interest awarded under Land Acquisition Act forms part of compensation; not liable to tax

Interest awarded under section 28 of Land Acquisition Act is in nature of solatium and an integral part of compensation and receipt of same is a capital receipt whereas, interest awarded under section 34 of said act is on account of delayed payment of compensation and is revenue receipt exigible to tax

Refer:[2018] 90 taxmann.com 285 (Pune - Trib.)

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