Characterization of receipt - in respect of business exigencies ...

Income Tax

May 5, 2022

Characterization of receipt - in respect of business exigencies the compensation specially in respect of damage to properties through fire or any other activities, the businessman ensures his business equipment as well as assets. While claiming the compensation, the assessee was very well aware about the business loss and has given a treatment of the receipts as revenue receipts. Thus, the colour of the receipts in respect of the interest received on compensation amounts to a revenue receipt - AT

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Characterization of receipt - in respect of business exigencies ...

Income Tax

May 5, 2022

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