Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights October 2020 Year 2020 This

Relief u/s 220(7) - Assessee in default for amount non received ...

Income Tax

October 5, 2020

Relief u/s 220(7) - Assessee in default for amount non received in India - From the perusal of the records it can be seen that the compensation is not coming under the purview of the business income as there was no business during the period. - Thus, compensation received in lieu of the losses of the contract which was supposed to be executed in the year 1991 will not form the receipt of revenue in nature, but capital in nature. - Since the amount is not taxable, the question of relief u/s 220(7) becomes redundant - AT

View Source

 


 

You may also like:

  1. Levy of GST - Supply or not - compensation amounts such as liquidated damages/trade settlement/damages collected from the customers for non-performing of contractual...

  2. Admissibility of Section 7 application - The date of default which is mentioned in the tabular form cannot be ignored it is clear that there was default of more than...

  3. Interest on refund - Where it is found that no refund has been granted pursuant to intimation u/s 143(1), the assessee shall be granted relief from such levy of interest...

  4. All the evidences establish that assessee was non-resident and earned salary outside India which was received by him outside India and therefore was not taxable in India - AT

  5. Application for refund of ITC on on account of inverted duty structure - the formula for calculation of refund amount revised with retrospective effect i.e. 1.7.2017 -...

  6. Income accrues or arises in India - services to MTR foods Private Limited who is located outside India - Secondment charges paid in respect of the professional services...

  7. Admission of section 7 application - initiation of CIRP against the Corporate Debtor - existence of debt and default or not - When the Financial Creditor had repeatedly...

  8. Levy of interest u/s 220(2) - such cash seized/ offered to settle the cash liability, should have been accepted and assessee should be deemed to have made the payment...

  9. CIRP - Admission of Section 7 application - The tribunal meticulously assessed evidence, including correspondence, loan agreements, and bank statements, to determine the...

  10. Levy of interest u/s 220(2) - Revenue demanded interest on the amount refunded to the Assessee - The demand for interest raised by the AO is contrary to the Circular...

 

Quick Updates:Latest Updates