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2010 (4) TMI 393 - ALLAHABAD HIGH COURTRevision u/s 264 - Income or Capital - The petitioner purchased compensation bond, the interest received from the compensation. The Assessee treated the amount of compensation received in excess of the cost of the bonds as a capital receipt. The Assessing Officer did not accept the amount received as compensation from the bonds as a capital receipts. On a revision petition by the petitioner under section 264 of the Act, the Commissioner dismissed the revision petition. Held that- the compensation in the form of annual installments received by the petitioner under the bonds was in the nature of capital receipts and was not taxable.
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