Capital gain - compromise settlement for breach of contract - ...

Income Tax

February 22, 2023

Capital gain - compromise settlement for breach of contract - Transfer u/s 2(47) - the compensation received by the assessee arises out of the transfer of capital asset in the nature of relinquishment of the specific performance of the contract shall be treated as transfer of capital asset within the meaning of section 2(47) of the Act, and hence it is a capital gains under the Income Tax Act, 1961 and exigible to tax. - AT

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Capital gain - compromise settlement for breach of contract - ...

Income Tax

February 22, 2023

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