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Income Tax - Highlights / Catch Notes

Home Highlights June 2014 Year 2014 This

Nature damages for non-performance of the contract - amount of ...

Income Tax

June 9, 2014

Nature damages for non-performance of the contract - amount of damages by paying the difference between the contract price and the market price - Held as business income and not as speculation income - HC

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

 

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