S.4 : Income – Revenue receipt –Compensation for cancellation of contract not affecting trading structure of business
Description: Increase where the cancellation of a contract does not affect the trading structure of the business. Then the compensation received for such cancellation shall be treated as revenue receipt. Ion Exchange (India) Ltd. vs. ITO (2010) 8 taxmann.com 295 (Mum.) Source: 1. www.aiftponline.org 2.AIFTP TIMES Volume.No.2 February, 2011.Page No.7. Our Comment: Any compensation received […]
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