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Income Tax - Highlights / Catch Notes

Home Highlights October 2022 Year 2022 This

Nature of receipt - Amounts received from its members towards ...

Income Tax

October 7, 2022

Nature of receipt - Amounts received from its members towards Surety Guarantee Fund (SGF) - the receipts from members in the sum being amount received from members towards SGF as capital receipts not chargeable to tax - AT

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  1. 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...

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

  3. 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

  4. FTP - Bank Guarantee (B.G.) would require execution by the surety Bank (Guarantor) and LUT by Exporter/Importer.

  5. Nature of subsidy received - Capital or revenue receipt - amount given as subsidy to meet any revenue expenditure can safely be termed as revenue receipt - HC

  6. IBC - Invoking Bank Guarantee - Corporate Debtor has issued bank guarantee for ensuring the price of goods. The bank guarantee is irrevocable and unconditional and...

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  8. Nature of amount received in pursuance of Consent decree by HC – Authorities below rightly treated this sum as a receipt falling under Section 28(iv) of the I. T. Act - HC

  9. Amount received for voting in favor of resolution is a casual receipt in the nature of windfall arising not taxable - HC

  10. 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...

 

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