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Income Tax - Highlights / Catch Notes

Home Highlights December 2017 Year 2017 This

Taxability of amount received - Relinquishment of right to sue ...

Income Tax

December 8, 2017

Taxability of amount received - Relinquishment of right to sue is neither a capital asset nor taxable u/s 28 which provides specific types of receipt to be held taxable as business income. Relinquishment of right to sue does not find any mention therein. - HC

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  1. Unexplained cash credit u/s.68 on account of relinquishment of right - the amount of the compensation received by the assessee for relinquishment of its right to sue...

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  4. Relinquishment of right before development - Right to sue surrendered in lieu of getting compensation money - capital gain or business income - the impugned compensation...

  5. Taxability of amount received for giving up his rights over properties - family settlement - sum received by assessee is traceable to the realisation of rights as legal...

  6. Receipt for relinquishment of right to sue the party - to be treated and taxed as business income OR capital receipts - the impugned compensation amount is not liable to...

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