Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 2012 (9) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 92 - SUPREME COURTTaxability on Compensation received under consent decree in this civil appeal - takeover arrangement - Income from other sources OR capital receipt - Held that:- The matter needs to be remitted to the AO to consider various documents, such as Letter of Offer made for Fully Convertible Debentures, Resolution of the Board of Directors of the respondent when they applied for Fully Convertible Debentures, the terms and conditions on which the debentures were issued and the circumstances under which the debentures would get converted into shares, the pleadings in the suit, the Resolution of the Board of Directors of the respondent-Company when they agreed to give up their right to takeover M/s. Jenson and Nicholson Limited for a sum of Rs.75,00,000/- and whether there was any transaction, apart from the consent decree - case requires for de novo consideration in accordance with law.
|