Law:

Section:

If any amount is received after stay of award, in pursuance of an interim order as a payment subject to final result, it will not be an amount received as enhanced compensation contemplated under section 45(5)(b), but only an interim payment received subject to final decision Section 45 of the Income-tax Act, 1961 - Capital gains - Chargeable as - Assessment year 1994-95 - Whether section 45(5)(b) will be attracted only when assessee receives enhanced compensation in pursuance of a final award/order of a Court, Tribunal or other authority, increasing compensation - Held, yes - Whether if any amount is received after stay of award, in pursuance of an interim order as a payment subject to final result, it will not be an amount received as enhanced compensation contemplated under section 45(5)(b), but only an interim payment received subject to final decision - Held, yes - Whether amount received by assessee on acquisition of her land in pursuance of interim orders passed by High Court and Supreme Court by furnishing security could not be considered as receipt of enhanced compensation - Held, yes - Whether, therefore, said amount was not liable to tax in hands of assessee under section 45(5)(b) - Held, yes Words and phrases - Words 'received', 'deemed', 'compensation or consideration', 'enhanced' as occurring in section 45(5)(b) of the Income-tax Act, 1961 FACTS The Land Acquisition Officer acquired the assessee's land and awarded compensation to her. The reference court and, on further appeal, the High Court enhanced the amount of compensation. Against the order of the High Court, the Land Acquisition Officer filed an appeal before the Supreme Court. In terms of the interim orders of the High Court and the Supreme Court, the assessee received Rs. 8 lakhs between 1-4-1993 and 30-11-1993 by furnishing security to the satisfaction of the reference court. Ultimately the Supreme Court, by order dated 23-9-1996, set aside the orders of the High Court and the reference court and remanded the matter to the reference court for fresh determination of the market value with the directions that pending those appeals, since the assessee had withdrawn the amount as per the…

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