Tag: Compensation from builder

Compensation received by the assessee from the builder for cancelling the allotment of flat for delay not chargeable to tax being in the nature of capital receipt.  In a recent judgment, ITAT Delhi has held that compensation received by the assessee from the builder for cancelling the allotment …

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 …

Compensation from builder for nuisance-inconvenience held as capital receipt against income other sources as casual income as assessed by AO – ITAT  In a recent judgment, ITAT Mumbai has held that compensation from builder for nuisance-inconvenience is capital receipt and not income other sources as casual income as …