Even before the assessee's actual business could start, there ...

Compensation for Business Termination Before Operations is Capital Receipt, Not Taxable Income.

October 29, 2013

Case Laws Income Tax AT

Even before the assessee's actual business could start, there was a breach by the other party which ended up the said business itself. Thus, clearly this is a case of loss of source of income itself and hence, the compensation which was received by the assessee is on capital field i.e., capital receipt which cannot be taxed under the income laws - AT

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Even before the assessee's actual business could start, there ...

Compensation for Business Termination Before Operations is Capital Receipt, Not Taxable Income.

October 29, 2013

Case Laws Income Tax AT

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