Taxability of certain income

Section 278 — Taxability of certain income

Old Act equivalent: Section 145B of IT Act 1961 Sub-part: B.—Supplementary provisions

Statutory Text

278. 	(1) Any interest received by an assessee on any compensation or on enhanced 
     	 	 	compensation, shall be deemed to be the income of the tax year in which it is 
     

received, irrespective of anything to the contrary contained in section 276. (2) Any claim for escalation of price in a contract or export incentives shall be deemed to be the income of the tax year in which reasonable certainty of its real­ isation is achieved. (3) The income referred to in section 2(49)(w) shall be treated as the income of the tax year in which it is received, if not charged to income-tax in any earlier tax year. Income escaping assessment.

Provisos

None.

Explanations

None.

Key Structure

• Applies to: [Verification Pending]
• Conditions: [Verification Pending]
• Time limits: [Verification Pending]
• Monetary limits: [Verification Pending]
• Exceptions: [Verification Pending]

Cross-References

• Section 2
• Section 276

Amendment Notes

None noted from the extracted pages.

Practical Notes