Compensation for Discontinuing Commodity Trading Business is Taxable U/s. 28(va)

M/s. Geojit Investment Services Limited Vs JCIT (ITAT Cochin)

The assessee-company in the instant case, had received the compensation for not carrying on any activities in relation to its commodity trading business. The compensation so paid for not carrying any activity in relation to any business (commodity trading business) would be taxable going by the plain meaning of section 28(va)(a) of the I.T.Act. Section 28(va) of the I.T.Act was introduced w.e.f. 01.04.2003. Though there was no written agreement for payment of comp

Please become a Premium member. If you are already a Premium member, login here to access the full content.