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Income Tax - Highlights / Catch Notes

Home Highlights April 2018 Year 2018 This

Relinquishment of right before development - Right to sue ...

Income Tax

April 13, 2018

Relinquishment of right before development - Right to sue surrendered in lieu of getting compensation money - capital gain or business income - the impugned compensation amount is not liable to be treated as income u/s.2(24) of the Act nor the same is taxable as capital gain for business income being in the nature of a capital receipt. - AT

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  1. 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...

  2. Receipt on account of surrender of tenancy rights - till the amendment in 1995, the compensation received on surrendering the tenancy rights could not be assessed to...

  3. 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...

  4. Taxability of compensation for giving-up of the litigation for land - right to sue - there could not be any transfer of a "right to sue" under Indian Law and any capital...

  5. Capital gain u/s 45 - capital gain on surrender of leasehold right - Transfer u/s 2(47) or not? - The Tribunal held that, the act of these assessees in not disclosing...

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  9. Taxability of compensation - The dominant consideration for compensation being surrendering the right to sue; its neither in lieu of surrender of any agency or agreement...

  10. Addition of surrender of tenancy rights – the amount received against the transfer of tenancy is assessable as capital gain and not income from other sources - AT

 

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