Compensation for Relinquishing Right to Sue Not Taxable as Unexplained Cash Credit u/s 68.

Unexplained cash credit u/s.68 on account of relinquishment of right - the amount of the compensation received by the assessee for relinquishment of its right to sue from societies to avoid the litigation cannot be treated as a colorable device. Hence, the amount received as compensation in view of said right is not chargeable to tax .....

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