Tag: compensation
Compensation received for vacating flat possession not taxable it is neither chargeable under the head ‘capital gains’ nor as income from other sources – ITAT In a recent judgment, ITAT has held that compensation received by the assessee for vacating flat possession was not taxable as it was …
Wherever word only “Business” is used, it does not include “Profession” – ITAT deletes addition for compensation u/s 28(ii)(e) In a latest decision, ITAT while deleting addition u/s 28(ii)(e) held that in the Income Tax Act, 1961 wherever word only “Business” is used, it does not include “Profession” …
Compensation to owner of flats for delay in handing over possession to be treated as a part of work-in-progress – ITAT ABCAUS Case Law Citation:ABCAUS 3771 (2023) (06) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in National Faceless Appeal Centre …
Deduction u/s 57(iv) allowable against Interest received on enhanced compensation for land acquisition despite assessee engaged in business of real estate. ABCAUS Case Law Citation:ABCAUS 3728 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in in rejecting the claim …
In Motor Accident Claims income must be determined on the basis of the income tax return, where available. – Supreme Court held that the ITR is a statutory document on which reliance may be placed to determine the annual income of the deceased. ABCAUS Case Law Citation:ABCAUS 3193 …
RBI framework for Turn Around Time (TAT) and customer compensation for failed transactions using authorised Payment Systems Monetary Policy statement of RBI dated April 4, 2019 proposed that the Reserve Bank would put in place a framework on Turn Around Time (TAT) for resolution of customer complaints and …
Interest awarded in motor accident claim cases from the date of the Claim Petition till passing of award/judgment not taxable, being not an income. ABCAUS Case Law Citation:ABCAUS 3142 (2019) (09) HC Important case law relied upon by the parties:Rama Bai and ors. vs. Commissioner of Income Tax, …
Taxability of interest received u/s 28 of Land Acquisition Act 1894. ITAT quashed CIT order believing that division bench order of the Supreme Court was not good law ABCAUS Case Law Citation: ABCAUS 2748 (2019) (01) ITAT Important Case Laws Cited/relied upon: Ghanshyam, HUF reported at 315 …
No restriction on Courts to award compensation exceeding claimed amount. The compensation under Motor Vehicles Act, 1988 has to be just – Supreme Court ABCAUS Case Law Citation:ABCAUS 2656 (2018) (11) SC Important Case Laws Cited/relied upon:Nagappa v. Gurudayal Singh (2003) 2 SCC 274Magma General Insurance v. Nanu Ram (2018) SCC Online SC 1546Ibrahim v. Raju (2011) 10 SCC 634 The claimants in the instant appeal had sought further enhancement of compensation awarded by the High …
Compensation for removing illegal encroachment not liable for TDS u/s 194L/194LA when occupants were not owners of the land on which they had built illegal huts – High Court ABCAUS Case Law Citation: ABCAUS 2513 (2018) 09 HC The Revenue had filed the instant appeal(s) under the Income …
