Nature of receipts due to settlement in the court - Right of ...

Court Settlement Receipts on Preemptive Purchase Rights: Not Taxable as Capital Gains, Credited to Partners' Capital Accounts.

June 8, 2023

Case Laws Income Tax AT

Nature of receipts due to settlement in the court - Right of Preemptive/right of first priority of purchase of the premises - assessee has claimed it as non-taxable and has credited directly to the capital accounts of the partners of the firm in their respective profit sharing ratio - The receipt may have any other incidence of taxability, but certainly not a Capital Gains. - AT

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Nature of receipts due to settlement in the court - Right of ...

Court Settlement Receipts on Preemptive Purchase Rights: Not Taxable as Capital Gains, Credited to Partners' Capital Accounts.

June 8, 2023

Case Laws Income Tax AT

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