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Income Tax - Highlights / Catch Notes

Home Highlights December 2013 Year 2013 This

Taxability of claim for damages - enhanced compensation - No ...

Income Tax

December 14, 2013

Taxability of claim for damages - enhanced compensation - No amount has been received till date by the Assessee pertaining to the damages as claimed by the assessee - No addition - HC

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  1. Damages/compensation received - nature of receipt - the amount received towards compensation/damage for settlement of dispute is capital receipt, hence not taxable.

  2. Enhanced Compensation – Interest on enhanced compensation - Waiver of Interest - assessee was entitled for waiver of interest till the date of receipt of enhanced...

  3. Damaged inputs whether cleared from the factory premises or lying there only do not make any difference in recovery of Cenvat credit in the case of insurance claim being...

  4. Duty demand - Insurance claim received against damaged gear boxes - gear box still lying in the factory - demand set aside - AT

  5. TDS on the enhanced amount compensation - TDS is only liable to be deducted on the enhanced amount and not on interest. - HC

  6. Characterisation of receipt - Forfeiture of advance received - till the assessment year 2015- 16, the amount of forfeiture is not liable to be taxed but will go only in...

  7. Taxability of amount received from goods auctioned - discharge of all the duties as per Section 150 of the Customs Act, 1962 - Not taxable as storage and warehousing service - AT

  8. Taxability of amount received on transfer of technical know-how and marketing know-how – there was no cessation of source of income - taxable as revenue receipt - AT

  9. Accrual of income - taxability of advances received - Merely because an amount has been entered into in assessee’s book, is not conclusive proof that income has accrued - AT

  10. Dissolution of partnership - taxability of sum received by a partner - Any amount paid to a partner as his share on dissolution of the partnership firm cannot be...

 

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