Taxability of certain income.

Tax1961681 sections21 chapters

Chapter XIV PROCEDURE FOR ASSESSMENT

Statutory text

(1) Notwithstanding anything to the contrary contained in section 145, the interest received by an assessee on any compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the previous year in which it is received.
(2) Any claim for escalation of price in a contract or export incentives shall be deemed to be the income of the previous year in which reasonable certainty of its realisation is achieved.
(3) The income referred to in sub-clause (xviii) of clause (24) of section 2 shall be deemed to be the income of the previous year in which it is received, if not charged to income-tax in any earlier previous year.] 146. [Reopening of assessment at the instance of the assessee.] Omitted by the Direct Tax Laws (Amendment) Act, 1988 (4 of 1988), s.53 (w.e.f. 1-4-1989).

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