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Income Tax - Highlights / Catch Notes

Home Highlights June 2014 Year 2014 This

Nature damages for non-performance of the contract - amount of ...

Income Tax

June 9, 2014

Nature damages for non-performance of the contract - amount of damages by paying the difference between the contract price and the market price - Held as business income and not as speculation income - HC

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  1. Fines and liquidated damages payable to Government or a local authority for non-performance of contract entered into with Government or local authority have been...

  2. Damages for Breach of Contract considered as Speculation Loss – non-performance of a contract - losses claimed by assessee are allowable losses - AT

  3. Levy of GST - Supply or not - compensation amounts such as liquidated damages/trade settlement/damages collected from the customers for non-performing of contractual...

  4. Supply or not - liquidated damages collected for non-performing of an act - In the light of section 7 read with definition of consideration u/s 2(31), liquidity damages...

  5. Liability of duty – non–performance of export obligation – duty and interest is paid before the service of notice - order of the adjudicating authority imposing penalty...

  6. Damages/compensation received - nature of receipt - the amount received towards compensation/damage for settlement of dispute is capital receipt, hence not taxable.

  7. Disallowance of assessee’s claim in respect of its liquidated damages - Revenue argument that these liquidated damages are only in the nature of a provision is...

  8. Payment of liquidated damages - Capital or Revenue in nature - the claim of assessee on liquidated damages deducted under the agreed condition of the contract is...

  9. Damaged inputs whether cleared from the factory premises or lying there only do not make any difference in recovery of Cenvat credit in the case of insurance claim being...

  10. Initiation of CIRP - Financial Creditors - Financial Debt - There is a difference between the levy of liquidated damages or penal interest for default and the financial...

 

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