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 […]
CIT VS. MORGAN STANLEY MAURITIUS CO. LTD.; 414 ITR 332 (BOM HC)
Additional consideration received in terms of letter of open offer due to delay in making open offer and dispatch of letter of offer, is part of share price of original transaction not penal interest for delayed payment. The additional consideration is capital receipt. Facts An open offer was made by Oracle to the shareholders of […]