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Case Law Details

Case Name : Continental Construction Ltd. Vs ACIT (ITAT Delhi)
Related Assessment Year : 1995-96
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Continental Construction Ltd. Vs ACIT (ITAT Delhi)

Conclusion: Settlement received from the Government of India was not coming under the purview of the business income as there was no business during the period and income which had not accrued to assessee could not be termed as business income.

Held: Assessee-company claimed the sum of Rs.297.46 crores received in settlement by the Government of India/ECGC against default receivable from Government of Iraq as exempt from tax as it was

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