compensation

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112 Points Joined March 2017
If Property of X was taken over by CG,on 1/5/2015 he received 30lakhs as an intial compensation.

On 1/6/2016 court ordered 15 lakh as an enhanced compensation which was received on 1/9/2016.
He paid tax on enhanced compensation in AY 17-18.

On 1/5/2017 court ordered that,the enhanced compensation should be 12lakh only...

Then what will be the treatment of enhanced compensation already received and tax paid on it...???
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On 19 November 2017 at 19:41 Report
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24 Points Joined September 2014
I think tax is payable on Final order by court. If tax is paid earlier then refund of the same can be claimed. Assessing officer have to revise it's order as per section 154 and pass rectified assessment order..
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On 19 November 2017 at 19:50
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Student
96 Points Joined August 2014
Where any enhanced compensation is revised, AO shall revise the return within 4 year from the end of fy in which order is passed u/s 155(16)
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On 19 November 2017 at 22:25
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1234 Points Joined August 2017
and tds will be applicable under sec 194LA as the amount is more than 250000
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On 22 November 2017 at 13:45


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