Correct head on income - Income from trees - Any compensation ...

Case Laws Income Tax

December 22, 2020

Correct head on income - Income from trees - Any compensation received in lieu of loss thereof would form part of assessee’s trading operations. The same is evident from the fact that cut trees sold by the assessee constituted its trading income and the same were accepted to be agricultural income. Similar treatment was to be given to the compensation received for loss of trees. - AT

View Source

← Previous Next →

Correct head on income - Income from trees - Any compensation ...

Case Laws Income Tax

December 22, 2020

You may also like:

Correct head of income - interest received under Section 28 of the Land Acquisition Act, 1894 - part take the character of the compensation and would fall under the head...

Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

Correct head of income - compensation received for vacating the flat - While the assessee argued for capital gain treatment, the Revenue contended it should be...

Capital gain computation or Income from other sources - compensation received by the assessee on extinguishment of his right in property - transfer of asset u/s 2(47) -...

Correct head of income - taxability of rental income - the assessee is owner and thereby receives any income from house property, it should be taxed under the head...

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...

Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets...

Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

Mode and manner of set off of loss - loss from one head set off against other head of income - business loss should be first set off against income from house property...

Receipt towards compensation in lieu of ‘right to sue’ - capital receipt OR revenue income - breach of development agreement and a compensation was paid to avoid...

Nature of receipt - Agriculture income - sale of tea bushes and receipt received on account of sale of trees as business income of the assessee - the action of the lower...

Since the assessee was the owner of the said main asset, the compensation received by the assessee to the extent attributable to the use of building premises is...

Correct head of income - lease rent received by the assessee - Business of assessee taken over by the another Company as was running as JV - assessed under the head...

Additions as interest income - compensation received by the assessee - As the business of assessee was set up and had started and there was huge investment made by...

Correct head of income - profit on sale of land /immovable property - business income or capital gain income - Correct head of income - profit on sale of land /immovable...

Quick Updates: