Revision u/s 263 by CIT - nature of compensation received for ...

Income Tax

December 21, 2022

Revision u/s 263 by CIT - nature of compensation received for cancellation of the plot - the character of payment received as compensation by the transferee bears the character of capital receipt. The payment of interest in the facts of the present case is compensatory in nature and therefore, does not bear the character of revenue receipt. We hold that the AO’s order was correct and it did not suffer from any error, justifying the invocation of the PCIT’s powers under Section 263 - HC

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Revision u/s 263 by CIT - nature of compensation received for ...

Income Tax

December 21, 2022

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