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2017 (4) TMI 766 - AT - Income TaxMesne profits - Lease in favour of NTPC Ltd expired. However. NTPC Ltd. did not vacate the premises. - The suit for eviction was decreed. Mesne profits @Rs.40/- per sq. ft. with 24% interest was awarded by the Trial Court. - Held that:- The case is squarely covered by the decision of Special Bench in the case of Narang overseas Pvt. Ltd. (2008 (2) TMI 817 - ITAT MUMBAI) and therefore the mesne profit are not taxable as revenue receipt but has to be treated as capital receipts in view of the arguments and submissions put forth by the ld. counsel reproduced herein above and fully convinced with the said submissions and find no defect in the same.
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