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2021 (9) TMI 648 - AT - Income TaxNature of income - Award received as settlement through an arbitration award - Amount received for withdrawal of cases against the erstwhile partners and partnership firm - To be treated as income from business under section 28(iv) or “Income from other sources” under section 56(1) - HELD THAT:- As decided in own case [2018 (4) TMI 1640 - ITAT MUMBAI] Tribunal has upheld the decision of learned Commissioner (A) that the arbitration award is taxable as “Income from other sources” under section 56(1) of the Act, the issue is squarely covered insofar as the present appeal is concerned and nothing survives to be decided. Therefore, respectfully following the decision of the co-ordinate bench (supra), we uphold the decision of learned Commissioner (Appeals) by dismissing the ground raised.
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