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Income Tax - Highlights / Catch Notes

Home Highlights November 2017 Year 2017 This

Nature of amount received as award against damages for breach of ...

Income Tax

November 24, 2017

Nature of amount received as award against damages for breach of contract - capital receipt or revenue receipt - The fundamental right for starting the bottling business was taken away as a result of breach of the right of first refusal by the Coca Cola Company - not taxable as revenue receipt - HC

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  1. 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...

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

  3. Declared Service or not - appellant had collected an amount towards compensation/penalty from the buyers of coal on the short lifted/un-lifted quantity of coal;...

  4. 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

  5. Nature of amount received as compensation towards rent out property - Mense profit - Mense profit is not revenue receipt but capital in nature - not taxable - AT

  6. 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 -...

  7. Levy of GST on receipt of compesation / award - amount for settling a dispute arising out of breach of contract - contract completed during the Pre-GST period - as no...

  8. Amount paid towards penalty for breach of commercial contract by the assessee is not penal in nature, but compensatory in nature - deduction u/s 37(1) allowed - HC

  9. Nature of amount received in pursuance of Consent decree by HC – Authorities below rightly treated this sum as a receipt falling under Section 28(iv) of the I. T. Act - HC

  10. Amount received for voting in favor of resolution is a casual receipt in the nature of windfall arising not taxable - HC

 

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