Tag Archives: Section 56(2)(vii)

No tax on Interest awarded on compensation for personal disability

IN THE INCOME TAX APPELLATE TRIBUNAL, AHMEDABAD A BENCH, AHMEDABAD Urvi Chirag Sheth ………………….Appellant Vs. Income Tax Officer Ward 5(2)(3), Ahmedabad ……………….Respondent S. 56(2)(vii)/ 145A: Interest awarded on compensation for personal disability does not have the character of “income” and cannot be taxed. CBDT requested to issue instructions to mitigate hardship of accident victims Clearly,… Read More »