HC held Compensation received by Parle for breach of contract by Coca Cola as Capital Receipt

CIT Vs. M/s. Parle Soft Drinks (Bombay High Court) 1. The Revenue has filed Income Tax Appeal No. 978 of 2014 challenging the order dated 20th September, 2013 of the Income Tax Appellate Tribunal, Bench at Mumbai. The assessment year is 1998-99. 2. The facts in brief are that the respondent assessee is a private company and during the relevant assessment year, it had shown income from the hire charges of vehicles and interest. During scrutiny of the return for assessment year 1998-99, the Assessing Officer noted that the company had received a sum of Rs. 16.05 crores as compensation of a sett...