Case Law Details
Case Name : Kushal K Bangia Vs Income Tax Officer (ITAT Mumbai)
Related Assessment Year : 2007- 08
Courts :
All ITAT ITAT Mumbai
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Kushal K. Bangia Vs. ITO (ITAT Mumbai) – In principle, though the scope of “income” in s. 2(24) is very wide, a capital receipt is not chargeable to tax as income unless there is a specific provision to that effect. As the residential flat owned by the assessee in the society’s building was a capital asset in his hands, the compensation was a capital receipt.
The department’s argument that the cash compensation was a “share in profits earned by Please become a Premium member. If you are already a Premium member, login here to access the full content.
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One question sir. If I inherited a flat from my father who bought it in 1960, in 2003, on his death. The building went into redevelopment in 2014 and I expect to receive my new ready flat in a short time : A. can I sell the new flat immediately ? B. Will I come under long term capital gain if I buy a new residential flat ( on the difference amount ) ?
ITS GOOD GUDGEMENT