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Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Taxability of compensation - The dominant consideration for ...

Income Tax

April 10, 2015

Taxability of compensation - The dominant consideration for compensation being surrendering the right to sue; its neither in lieu of surrender of any agency or agreement for non competition - receipt is in the nature of capital receipt not taxable - AT

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  1. Compensation for surrender the tenancy right - tenancy right was a capital asset and surrender of the same was a transfer of a capital asset - HC

  2. Receipt on account of surrender of tenancy rights - till the amendment in 1995, the compensation received on surrendering the tenancy rights could not be assessed to...

  3. Payment made for surrender of tenancy rights - deduction allowed u/s 37(1) - AT

  4. Relinquishment of right before development - Right to sue surrendered in lieu of getting compensation money - capital gain or business income - the impugned compensation...

  5. Capital gain u/s 45 - capital gain on surrender of leasehold right - Transfer u/s 2(47) or not? - The Tribunal held that, the act of these assessees in not disclosing...

  6. Taxability as capital gain or not - Surrender / transfer of tenancy rights - Applicability of section 50C for valuation - The AO treated the transaction as a surrender...

  7. LTCG - surrender of right sue under MOU and withdrawal of complaint before criminal court - compensation along with interest, towards loss of profit/liquidated damage...

  8. Protective addition made in the hands of the assessee - income surrendered by the assessee in the sworn statement - the surrender was not blanket surrender as presumed...

  9. Taxability of compensation for giving-up of the litigation for land - right to sue - there could not be any transfer of a "right to sue" under Indian Law and any capital...

  10. Receipt towards compensation in lieu of ‘right to sue’ - capital receipt OR revenue income - breach of development agreement and a compensation was paid to avoid...

 

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