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2018 (9) TMI 1006 - AT - Income TaxDamages/compensation received - nature of receipt - treated as capital receipt OR revenue receipt - Held that:- The compensation received by the assessee was not for his professional activities but for settlement of dispute between him and some other party resulting in filing of a criminal complaint. That being the case, the amount received towards compensation/damage cannot fit in to the definition of income as per section 2(24) r.w.s 4 of the Act. This view of our gets support from the decision of the Hon'ble Jurisdictional High Court in the case of Amar Dye Chem Ltd. (1993 (10) TMI 366 - BOMBAY HIGH COURT) wherein Held that the amount received towards compensation/damage for settlement of dispute is capital receipt, hence not taxable - addition to be deleted - decided in favour of assessee
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