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Income Tax - Highlights / Catch Notes

Home Highlights August 2018 Year 2018 This

Nature of receipt - additions towards receipt of Corpus Fund - ...

Income Tax

August 23, 2018

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 receipt - not liable to be taxed.

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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. 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

  3. Education trust - corpus fund - AO was not justified in holding contributions towards different corpus funds as current income liable to tax. - AT

  4. Nature of receipt - Amounts received from its members towards Surety Guarantee Fund (SGF) - the receipts from members in the sum being amount received from members...

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

  7. 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...

  8. Exemption u/s 11 - donation received - if it is taken that the said fund was for infrastructural development or to say it was towards corpus fund of the trust, still as...

  9. 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

  10. Addition towards interest on advances to partners - interest free advances given to partners - Disallowance of interest for diversion of funds - Additions confirmed.

 

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