Taxability of Income received from bank

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..... Taxability of Income received from bank
Query (Issue) Started By: - satbir singh wahi Dated:- 20-11-2009 Last Reply Date:- 30-11-2009 Income Tax
Got 2 Replies
Income Tax
Can Amount receiv .....

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..... ed on one time settlement with bank , be taxed as income . Reply By Rama Krishana: The Reply: All depend upon the nature of transaction, the issue behind the settlement. Whether the issue related to .....

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..... revenue transaction or capital transaction. For more details, you may refer to the following case law: 2008 TMI - 30879 - HIGH COURT DELHI Reply By DEV KUMAR KOTHARI: The Reply: Your query is not cle .....

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..... ar. Amount received on one time settlement with bank - in OTS bank receives money and not the customer. I believe you are seeking clarity in case of bank and not customer of bank. Interest recovered .....

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..... in OTS , if not taken as taxable income will be taxable on receipt. Amount recovered on a/c of principal will not be taxable, unless it was allowed as bad debt/ loss earlier.
Discussion Forum - Kn .....

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..... owledge Sharing .....

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