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Income Tax - Highlights / Catch Notes

Home Highlights October 2019 Year 2019 This

Nature of receipt of Damage for unauthorised occupation of ...

Income Tax

October 21, 2019

Nature of receipt of Damage for unauthorised occupation of property - income from house property or income from other sources - both the lower authorities have erred in treating the assessee’s damages amount as chargeable to tax.

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  1. 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...

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

  3. Rental receipts from letting out commercial properties is assessable under the head income from profits & gains of business or profession and not as income from house property - AT

  4. Interest paid on borrowed capital (from bank) invested in a house property - the claim of interest on borrowing applied to a particular source of income (house property)...

  5. Computation of long term capital gain - Sale of ancestral property - Exclusion of the amount paid to the unauthorized occupants directly by the purchase of the property...

  6. Nature of receipt against termination of lease agreement - taxable under the head income from other sources or income from house property or not taxable as capital...

  7. Rental income or otherwise - mesne profit - TAT was right in holding that mesne profits and interest on mesne profits received under the direction of the Civil Court for...

  8. Allowability of set off of unabsorbed depreciation with ‘Income from house property’ and ‘income from other sources’ - duly allowable

  9. Interest income received by the club from fixed deposit in bank cannot be form the house property and consequently this income is from other sources - there is no...

  10. Compensation received from the German publisher - Honorarium receipt - receipt represents compensation for the loss of a source of income - capital in nature - not taxable - HC

 

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