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Redevelopment Compensation is Capital Receipt, Not Taxable as Income: ITAT Mumbai
Case Law Details
- Case Name
- Subhash Suryakant Phadkar Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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Subhash Suryakant Phadkar Vs ITO (ITAT Mumbai)
ITAT Mumbai Holds Redevelopment Compensation / Hardship Allowance as Capital Receipt, Not Taxable as Income
The Mumbai ITAT allowed the assessee’s appeal and held that compensation of ₹53.50 lakh received from a developer in connection with redevelopment of a residential flat constitutes a capital receipt, not chargeable to tax as “income from other sources.” The amount comprised ₹25 lakh paid as compensation for the developer’s failure to adhere to agreed redevelopment terms and ₹28.50 lakh towards members’ benef...
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