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

  5. 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;...

  6. 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

  7. 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...

  8. 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...

  9. 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...

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

 

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