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...???
3 Replies
Narayan B. Kendre
(Article Assistant)
(24 Points)
Replied 19 November 2017
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..
Archit Goel
(Student)
(96 Points)
Replied 19 November 2017
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)
Ashwin Kumar
(1234 Points)
Replied 22 November 2017
and tds will be applicable under sec 194LA as the amount is more than 250000
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