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COMPENSATORY DAMAGES, Income Tax |
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COMPENSATORY DAMAGES |
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My client got badly injured while travelling in a lift.Now he will be getting compensation from the Company, the manufacturer of the lift.
Whether the amount recd will be taxble or not. If yes under which section and if No under which section.
is there any case law in support of the decision.
Thanks.
Posts / Replies Showing Replies 1 to 1 of 1 Records Page: 1
In my opinion the said receipt will be taxable. Section 10BC, exempts the amount received from State Government/State Government if the amount received on account of disaster. As the amount received is on accountant of injury caused due to mishappening of the lift, and the same is not covered under the definition of disaster. Further the amount is not niether receivable from the State Government nor Central Government. Page: 1 Old Query - New Comments are closed. |
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