Case Law Details
Case Name : Lead Counsel of Qualified Settlement Fund (QSF), USA, In re (Authority for Advance Rulings)
Related Assessment Year :
Courts :
Advance Rulings
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Brief of the Case
Authority for Advance Rulings held In the case of Lead Counsel of Qualified Settlement Fund (QSF), USA, that it is clear that even if right to sue is considered as capital asset covered under the definition of transfer within the meaning of section 2(47), its cost of acquisition cannot be determined. In the absence of such cost of acquisition, the computation provisions failed and capital gains cannot be calculated. Therefore, right to sue cannot be subjected to income tax under the head ‘capital gains’. Further the income in the nature of settlement amount in lieu of su...
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If i am not wrong, this ruling has been rendered irrelevant with the advent of Finance Bill, 2016