Home Highlights December 2015 Year 2015 This

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1. 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...

2. Disallowance of liquidated damages claimed by assessee - “Liquidated damages” are compensation paid for breach of contract. We are therefore, unable to understand how...

3. Exemption under Tonnage Tax Scheme - liquidated damages - disallowance of ‘other operating revenue’ claimed by the assessee as exempt income - liquidated damages cannot...

4. Levy of service tax with interest and penalty - liquidated damages - While the above Orders have been passed by the Tribunal in 2022, subsequently, CBIC has issued...

5. Taxability of claim for damages - enhanced compensation - No amount has been received till date by the Assessee pertaining to the damages as claimed by the assessee -...

6. Characterization of receipt - in respect of business exigencies the compensation specially in respect of damage to properties through fire or any other activities, the...

7. Disallowance of payment of liquidated damages and interest on delayed payment of Value Added Tax (VAT) as deduction - any payment made for breach of contractual...

8. Exemption u/s 10(23G) in respect of the liquidated damages - interest income earned from long term finance provided to enterprises undertaking developing, maintaining...

9. Levy of GST - Supply or not - liquidated damages recoverable by the applicant from Belectric India on account of delay in commissioning - time of supply - The contract...

10. Levy of service tax - receipt of liquidated damages for compensating the appellant against the poor quality of material supplied - Both the authorities also have not...

11. Denial of refund claim - Valuation - the liquidated damages (LD) had to be factored in to arrive at the correct transaction value which has to be treated as assessable...

12. Liquidated damage received/receivable - deduction u/s 80IA - there is no direct nexus between the profit and gains of the undertaking and the receipt from liquidated...

13. Nature of expenditure - Disallowance of expenditure under the "head repairs and maintenance"- AO rejected the assessee's contention and held that the assessee is...

14. Bad debts - Disallowance of deduction claimed in respect of notional interest taxed as income in earlier year, which was not realized by the appellant - the assessee is...

15. Refund - valuation - The liquidated damages have to be deducted from the assessable value given in the invoice in respect of payment of central excise duty - refund of...