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Compensation received due to non-performance of obligation is capital receipt
Case Law Details
- Case Name
- ACIT Vs Kenneth Builders &
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 30/12/2022
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs Kenneth Builders & Developers Limited (ITAT Mumbai)
ITAT Mumbai held that compensation received on account of non-performance of obligation by the Delhi Development Authority (DDA) is capital receipt not taxable in the hands of the assessee.
Facts- During the course of assessment the A.O noticed that assesse has treated compensation of Rs.2,78,82,74,243/- received from Delhi Development Authority as a capital receipt not chargeable to tax. The A.O further noticed that in the original return of income the assesse had included this amount in the book profit, however,...
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