Case Law Details
Case Name : Kushal K Bangia Vs Income Tax Officer (ITAT Mumbai)
Related Assessment Year : 2007- 08
Courts :
All ITAT ITAT Mumbai
Become a Premium member to Download.
If you are already a Premium member, Login here to access.
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 the developer” is not acceptable because it proceeds on the fallacy that the nature of payment in the hands of the payer determine...
This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
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