Relief u/s 220(7) - Assessee in default for amount non received ...

Case Laws Income Tax

October 5, 2020

Relief u/s 220(7) - Assessee in default for amount non received in India - From the perusal of the records it can be seen that the compensation is not coming under the purview of the business income as there was no business during the period. - Thus, compensation received in lieu of the losses of the contract which was supposed to be executed in the year 1991 will not form the receipt of revenue in nature, but capital in nature. - Since the amount is not taxable, the question of relief u/s 220(7) becomes redundant - AT

View Source

← Previous Next →

Relief u/s 220(7) - Assessee in default for amount non received ...

Case Laws Income Tax

October 5, 2020

You may also like:

Initiation of CIRP - authentication of default - there are no substance in the submission of the Appellant that since Financial Creditor has not filed the record of...

Levy of GST - Supply or not - compensation amounts such as liquidated damages/trade settlement/damages collected from the customers for non-performing of contractual...

Income accrues or arises in India - services to MTR foods Private Limited who is located outside India - Secondment charges paid in respect of the professional services...

This notification amends the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. Key changes include: extending timelines for information...

Admissibility of Section 7 application - The date of default which is mentioned in the tabular form cannot be ignored it is clear that there was default of more than...

Admission of Section 7 Application - CIRP - The case involved an appeal by a suspended director of a corporate debtor against the admission of a Section 7 application by...

Maintainability of section 7 application - Initiation of CIRP - existence of debt and default - date of default - On 14.02.2020 the account was declared NPA - The...

Taxability of an amount received from supply of drawings and designs - Accrual of income in India - Once the income from supply of plant and equipment is held to be not...

Valuation - Nature of amount received - the appellant received some amount from the buyers of scrap and some amount from Honda India for the value of the auto parts -...

Assessee's expat salary expenses reimbursed to SanDisk India not taxable as FTS. No agency PE of assessee in India through SanDisk India for relevant year as no...

Section 7 application rejected as barred by Section 10A of IBC. Supreme Court held no bar in amending pleadings or filing additional documents u/s 7, but present case...

Fees for technical services (FTS) - India France DTAA - claiming the benefit of the restricted definition under India USA DTAA - Since the assessee has been found not to...

CIRP - Admission of Section 7 application - The tribunal meticulously assessed evidence, including correspondence, loan agreements, and bank statements, to determine the...

TDS u/s 195 - withholding tax - payments made to the foreign firms and non-residents - rendering the services was attracting and motivating the international students...

Waiver of interest u/s 220(2A) - The Revenue in the present case recorded the non-cooperation of the petitioner assessee. The observations made in this regard would...

Quick Updates: