Compensation from Goa Government for cancellation of plot is capital receipt

PCIT Vs Pawa Infrastructure (P) Ltd (Delhi High Court) Delhi High Court held that compensation received from Government of Goa on cancellation of plot is capital receipt and hence not taxable. Facts- After perusing the assessment order, PCIT held it to be erroneous and concluded there was underassessment of income of the Assessee and consequently, issued a Show Cause Notice (‘SCN’) dated 29th January, 2018, u/s. 263 of the Act, directing the Assessee to show cause as to why an order may not be passed against it. The PCIT, after considering the Assessee’s reply, passed its order dated 27t...