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Income Tax - Highlights / Catch Notes

Home Highlights September 2021 Year 2021 This

Nature of income - Award received as settlement through an ...

Income Tax

September 15, 2021

Nature of income - Award received as settlement through an arbitration award - Amount received for withdrawal of cases against the erstwhile partners and partnership firm - To be treated as income from business under section 28(iv) or “Income from other sources” under section 56(1) - the arbitration award is taxable as “Income from other sources” under section 56(1) of the Act, the issue is squarely covered insofar as the present appeal is concerned and nothing survives to be decided. - AT

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