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

  3. 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

  4. 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...

  5. 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

  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. Capital Receipt vs Revenue Receipt - Excise Duty refund is to be treated as ‘capital receipt’ in the hands of the assessee and not liable to be taxed - AT

  8. Capital gain on property inherited - the property inherited by the respective assessees is their individual property and, therefore, the capital gains, if any, is...

  9. Capital receipt or revenue receipt – financial schemes in which deposits were collected from the Public - The assessee is merely a custodian of the deposit - not taxable...

  10. Nature of receipt - additions towards receipt of Corpus Fund - additions on account of Corpus contribution received by the appellant being a Trust - held as capital...

 

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