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Compensation for unilaterally terminating certain obligation under agreement is business income: ITAT Mumbai
Case Law Details
- Case Name
- Piramal Enterprises Limited Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005-06
- Courts
- All ITAT, ITAT Mumbai
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Piramal Enterprises Limited Vs DCIT (ITAT Mumbai)
ITAT Mumbai held that compensation received by the assessee in out of court settlement for unilaterally terminating certain obligation under the agreement is an income assessed to business income and not an income assessed to capital gains as claimed by the assessee.
Facts- During the year under consideration it has been noticed from the computation of income assessee company that an amount of Rs.92,76,62,688/- received from Roche Diagnostics Gmbh (RDG) of Germany under a settlement agreement towards termination of agency, distribution and manu...
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