Case Law Details
Khevana Securities and Finstock Ltd. Vs ITO (ITAT Ahmedabad)
Learned AR at the time of hearing has strongly emphasized that the impugned amount represents the capital receipt on account of breach of the contract and therefore the same cannot be brought to tax. In support of his argument, the learned AR vehemently relied on the order of Hon’ble Supreme Court in the case of CIT vs. Saurastra Cement Ltd reported in 325 ITR 422. As per the learned AR the facts of the case of the assessee are similar/identical to the facts of the case of CIT vs. Saurastra Cement Ltd (supra) before the Hon’ble Supreme Court. The learned AR in this connection has also made a comparison chart which is reproduced as under:
