Taxation of contract termination compensation and FMV of converted inventory treated as business income for assessments. The amendment makes any amount received in connection with termination or modification of business contracts chargeable under Profits and gains of ... Summary
Taxation of contract termination compensation and FMV of converted inventory treated as business income for assessments.
The amendment makes any amount received in connection with termination or modification of business contracts chargeable under Profits and gains of business or profession, and requires the fair market value of inventory, determined as prescribed on the date it is converted into or treated as a capital asset, to be chargeable under the same head.
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