Interim compensation for capital gains deferred to the year of final adjudication for tax chargeability. The Bill inserts a proviso to section 45(5)(b) to provide that compensation received pursuant to an interim order of a court, Tribunal or other authority shall be deemed to be income chargeable under the head 'Capital gains' in the previous year in which the final order of such forum is made, thereby deferring tax recognition of interim receipts until final adjudication.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interim compensation for capital gains deferred to the year of final adjudication for tax chargeability.
The Bill inserts a proviso to section 45(5)(b) to provide that compensation received pursuant to an interim order of a court, Tribunal or other authority shall be deemed to be income chargeable under the head "Capital gains" in the previous year in which the final order of such forum is made, thereby deferring tax recognition of interim receipts until final adjudication.
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