The Tribunal held that compensation received in lieu of extinction of right to sue is capital receipt not chargeable to tax. FACTS The assessee, a partnership firm, was engaged in the business of construction and development of property. During FY 2004-05, the assessee had entered into a MOU with landowner for the development of his […]
ITO(E) VS. SERUM INSTITUTE OF INDIA RESEARCH FOUNDATION [2018] 195 TTJ 820 (PUNE – TRIB.)
The ITAT held that Corpus specific voluntary contributions is in nature of ‘capital receipt’ and therefore outside scope of meaning of income u/s. 2(24)(iia). Thus, same cannot be brought to tax even in case of trust not registered u/s.12A/12AA FACTS The assessee was registered trust under the Bombay Public Trust Act, 1950. However, it was […]
SUBVENTION FEE – REVENUE OR CAPITAL RECEIPT
The term “Income” is defined in section 2(24). The said definition is an inclusive one. Therefore, the term “income” not only includes those receipts which are stated in section 2(24) but also includes such things / receipts which the term embraces according to its natural and general meaning. Income is embedded in receipts which a […]
TAXATION OF ALIMONY IN INDIA
The term “Income” is defined in section 2(24). The said definition is an inclusive one. Therefore, the term “income” not only includes those receipts which are stated in section 2(24) but also includes such things / receipts which the term embraces according to its natural and general meaning. Income is embedded in receipts which a […]