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2019 (4) TMI 356 - AT - Income TaxTaxability u/s 44BB - compensation received on account of loss of equipment in hole - revenue receipt or capital receipt - The CIT(A) held that the compensation received on account of loss of equipment in hole is not includable in the taxable receipts of the assessee under section 44BB - HELD THAT:- Compensation for destruction and loss of capital asset which were utilized on a rig owned by ONGC was capital receipt and not taxable as revenue receipt under section 44BB Issue stand concluded in favour of the assessee. Departmental Appeal has no merit and the same is accordingly dismissed.
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