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Commissioner of Income Tax, Chennai Versus Shri T.L. Prasanth

2015 (8) TMI 86 - MADRAS HIGH COURT

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 .....

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77; 4,00,000/- by the Central Board of Direct Taxes vide Instruction No.2 of 2005, dated 24.10.2005 read with Instruction No.5 of 2007, dated 16.7.2007. - Decided against revenue. - TC (A) No. 1099 of 2007 - Dated:- 3-7-2015 - R Sudhakar And K B K Va .....

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99/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 commenc .....

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ent that the monetary limit to prefer an appeal is pegged at ₹ 4,00,000/- by the Central Board of Direct Taxes vide Instruction No.2 of 2005, dated 24.10.2005 read with Instruction No.5 of 2007, dated 16.7.2007. 3. The preliminary objection of .....

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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 A .....

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x Effect in Rs. 2000- 2001 Compensation Capital Receipt 6,71,580 @30 % 2,01,474 SC @ 10% 20,147 2,21,621 4. The learned counsel for the assessee also pleaded that the case of the assessee does not fall within the exceptions specified in Instruction N .....

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o the following should be contested irrespective of revenue effect: (i) Where Revenue audit objection in the case has been accepted by the Department. (ii) Where the Board's order, notification, instruction or circular is the subject-matter of an .....

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