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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Compensation received by the assessee is for the loss of ...

Income Tax

April 20, 2016

Compensation received by the assessee is for the loss of earnings only it is revenue receipt exigible to tax and not a capital receipt - AT

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  1. Excise Duty Refund - Revenue receipt or capital receipt - the excise duty refund received is in the nature of capital receipt and is not exigible to the tax - HC

  2. Nature of subsidy received - Capital or revenue receipt - amount given as subsidy to meet any revenue expenditure can safely be termed as revenue receipt - HC

  3. 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...

  4. Compensation received from the German publisher - Honorarium receipt - receipt represents compensation for the loss of a source of income - capital in nature - not taxable - HC

  5. Buffer stock subsidy - Nature of Receipt – whether grain-in-aid received by the assessee would be revenue receipts - Held yes - HC

  6. Whether grant-in-aid received by the assessee is an incentive for conducting research so as to be treated as capital receipt and not as revenue receipt - Held yes - HC

  7. The income received from the cancellation of the contract and the interest thereon received would all constitute revenue receipt in the hands of the assessee - HC

  8. Taxability of Cash compensation received – capital receipt vs Revenue receipt - Capital receipt in principle is outside the scope of income chargeable to tax. .... - AT

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

  10. Non-refundable portion of Advance Fee received for coaching - Income/ Revenue Recognition - only that part of the receipt is taxable in this year which accrued to the...

 

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