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Income Tax - Highlights / Catch Notes

Home Highlights September 2018 Year 2018 This

Receipt towards compensation in lieu of ‘right to sue’ - capital ...

Income Tax

September 21, 2018

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 litigation - compensation received in lieu of ‘right to sue’ could not be regarded as revenue receipt

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  1. Capital receipt or revenue receipt - receipt of compensation under JV agreement - surrender of certain rights - there as no impairment of source of income - taxable as...

  2. 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...

  3. Long-term capital gains - receipts by the assessee as per the consent decree passed by the Hon”ble Bombay High Court - suit for specific performance of the Agreement to...

  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. LTCG - surrender of right sue under MOU and withdrawal of complaint before criminal court - compensation along with interest, towards loss of profit/liquidated damage...

  6. 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...

  7. Compensation received for foregoing the rights to sue against purchase of property - revenue or capital receipt - Once the compensation is held to be is only on account...

  8. Nature of amount received as award against damages for breach of contract - capital receipt or revenue receipt - The fundamental right for starting the bottling business...

  9. Compensation received for cancellation of development agreement - AO has developed a misplaced understanding of the nature of the transaction by treating it as capital...

  10. Revenue vs. capital expenditure - hire-purchase v/s agreement of lease - right to purchase to be exercised after expiry of certain period - held as lease transaction /...

 

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