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Income Tax - Highlights / Catch Notes

Home Highlights December 2017 Year 2017 This

Nature of amount received as compensation towards rent out ...

Income Tax

December 13, 2017

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

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

  2. Leasing of property - valuation - nature of charges received towards amenities provided under different agreements - all are part of rent - eligible for statutory...

  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. Waiver of pre-deposit - nature of amount received - renting of immovable property services - prima facie liable for service tax - AT

  5. Nature of receipt - the compensation received by the assessee is for sterilization of the profit making apparatus of the assessee company - receipt is capital in nature...

  6. 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...

  7. 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

  8. Collection of amount in the Coin Box - demand under the income heads of 'weighing machine receipts’ and 'miscellaneous income' - By inserting a coin in the coin box an...

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

  10. Service tax paid by the assessee could not form part of amount for the purpose of deemed profits u/s 44BB unlike the other amounts received towards reimbursement - AT

 

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