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Income Tax - Highlights / Catch Notes

Home Highlights November 2010 Year 2010 This

Amount received for voting in favor of resolution is a casual ...

Income Tax

November 8, 2010

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

  2. Validity of approved Resolution Plan - Authorized Representative on behalf of majority of home buyers represented - the view of individual homebuyer is therefore...

  3. Approval of Resolution Plan - Resolution plan met with 66% criteria or not - In this case, even though the resolution plan of M/s. KALS Group has been approved with 100%...

  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. Permission to withdraw the Corporate Insolvency Resolution Process (CIRP) - The resolution for withdrawal of CIRP did not obtain the required percentage of voting by the...

  7. Amount received covered u/s 10(3) - Revenue has been unable to make out a case for treating the said receipt as of a casual and non-recurring nature that could be...

  8. 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...

  9. Nature of receipt under the subsidy scheme - Multiplex Theatre Complexes - exemption of entertainment duty - the receipt is in the nature of capital receive - not taxable - SC

  10. 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...

 

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