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Income Tax - Highlights / Catch Notes

Home Highlights August 2014 Year 2014 This

Damages for Breach of Contract considered as Speculation Loss – ...

Income Tax

August 29, 2014

Damages for Breach of Contract considered as Speculation Loss – non-performance of a contract - losses claimed by assessee are allowable losses - AT

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  1. Levy of GST - Supply or not - compensation amounts such as liquidated damages/trade settlement/damages collected from the customers for non-performing of contractual...

  2. Fines and liquidated damages payable to Government or a local authority for non-performance of contract entered into with Government or local authority have been...

  3. Supply or not - liquidated damages collected for non-performing of an act - In the light of section 7 read with definition of consideration u/s 2(31), liquidity damages...

  4. Set off of business losses - The expression “any“ business clearly includes all businesses, without making any distinction between speculation and non-speculation...

  5. Nature of loss from purchase and sale of share - speculation or non speculation loss - ITAT held that deployment of funds in the instant case is more in the business of...

  6. 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...

  7. Set off of brought forward non speculative loss against the current years speculative income - Set off of loss from one head against income from another - there is no...

  8. Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by...

  9. Forward contract cancellation loss - whether be treated as business loss - held yes since it is not a speculation transaction - HC

  10. Disallowance of set-off loss on derivative trading - can not be held as loss from speculation business, simply because procedural mechanism has taken a long time to...

 

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