Capital or Revenue Receipt – Amounts Received by Amount Legal Heirs From Social Security schemes CBDT vide Circulor No. 573, Dated: 21-8-1990 has clarified that any such lump sum payment will not be taxable as income under the aforesaid Act CBDT vide Circular No. 776, Dated: 8-6-1999 Taking into account the principle laid down by […]
Read MoreDescription : Assessee entered into an agreement for purchase of property for infrastructural facilities for business, assessee terminated the agreement and paid compensation, payment to be treated as capital in nature and not allowable as revenue expenditure. Source: 1. AIFTP TIMES, Volume.2. January, 2011.Page No.12. […]
Read MoreDescription: Where capital assets are acquired by obtaining a loan and subsequently, loan amount is waived by other party, principal amount of loan waived by other party cannot be brought to tax under section 28(iv) or under section 41(1). Dy CIT vs. Logitronics (p) Ltd.(2010) 127 ITD 16 (Delhi). Source: 1. AIFTP TIMES.Volume.2, January 2011, […]
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