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Income Tax - Highlights / Catch Notes

Home Highlights April 2022 Year 2022 This

Characterization of receipts - nature of receipts - compensation ...

Income Tax

April 9, 2022

Characterization of receipts - nature of receipts - compensation received as consideration for restrictive covenant to not to do business in the same line for a prescribed period - The amount being in nature of a “capital receipt” was not exigible to tax. - AT

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  1. Characterization of income - subsidy received - Focus Marketing Scheme - the amount was not an export incentive, but rather capital receipt and therefore, not taxable. - HC

  2. 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...

  3. 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

  4. 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...

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

  6. 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...

  7. 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

  8. 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

  9. 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

  10. Buffer stock subsidy - Nature of Receipt – whether grain-in-aid received by the assessee would be revenue receipts - Held yes - HC

 

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