Disallowance of assessee’s claim in respect of its liquidated ...

Income Tax

December 5, 2015

Disallowance of assessee’s claim in respect of its liquidated damages - Revenue argument that these liquidated damages are only in the nature of a provision is unacceptable - allowed as expenditure - AT

View Source

← Previous Next →

Disallowance of assessee’s claim in respect of its liquidated ...

Income Tax

December 5, 2015

You may also like:

Payment of liquidated damages - Capital or Revenue in nature - the claim of assessee on liquidated damages deducted under the agreed condition of the contract is...

Nature of receipt - damages received from DDA - loss of sources of income - Arbitration awards from DDA in respect of construction of houses - Receipt is capital in...

Disallowance for warranty expenses - assessee is entitled to change the method of accounting with respect to claim of warranty expenses from ‘actual basis’ to ‘provision...

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 -...

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

Capital or revenue expenses - Disallowance of royalty - if there is no sales, no royalty is payable by the assessee - held as revenue in nature - AT

Provision for liquidity damages disallowed - The liability crystallized with the occurrence of event of delay in the execution of contract - deduction of claim allowed...

Characterization of receipt - in respect of business exigencies the compensation specially in respect of damage to properties through fire or any other activities, the...

Nature of receipt – Entertainment tax – Revenue or capital receipt - the subsidy in respect of Multiplex located at Jaipur to be capital in nature. - AT

Disallowance of amortization of premium on leasehold land - Looking to the nature of the advantage which the assessee obtained in a commercial sense, the expenditure...

Quick Updates: