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2015 (8) TMI 86 - MADRAS HIGH COURT

2015 (8) TMI 86 - MADRAS HIGH COURT - TMI - Compensation received for delay in commencement of project - revenue v/s capital receipt - Whether Tribunal was right in holding that the compensation received for delay in commencement of project is a capital receipt? - Held that:- Even though this appeal was admitted on the question of law, referred supra, we are not inclined to entertain this appeal in view of the preliminary objection made by the learned counsel for the respondent that the monetary .....

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Chennai, dated 16.02.007 made in I.T.A.No.599/Mds/2004 for the assessment year 2000-2001 and the same was admitted on the following question of law: "Whether, in the facts and circumstances of the case, the Tribunal was right in holding that the compensation received for delay in commencement of project is a capital receipt?" 2. Even though this appeal was admitted on the question of law, referred supra, we are not inclined to entertain this appeal in view of the preliminary objection .....

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4.10.2005 fixed the monetary limit to prefer a Tax Case Appeal only if the tax effect exceeds ₹ 4 Lakhs for each case taken singly, i.e. In group cases, each case should individually satisfy the monetary limits and therefore cumulative tax effect cannot be taken into consideration. The Assessee submits that the Assessee does not fall within any of the exceptions provided in the instruction mandating the department to prefer an appeal. The total tax effect excluding interest is as follows: .....

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