Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Settlement compensation received for withdrawal of pending suits and complaints was treated as a capital receipt, not taxable as capital gains or business income, because the assessee had only a right to sue and no enforceable property right capable of transfer. The Tribunal held that a right to sue is a personal right, not a capital asset, and compensation for giving it up does not attract section 45. It also noted that the failed acquisition had deprived the assessee of a prospective source of income. The protective addition was deleted because the disputed amount belonged to other corporate parties, had already been received and accounted for by them, and could not be assessed in the assessee's hands.
Settlement compensation received for withdrawal of pending suits and complaints was treated as a capital receipt, not taxable as capital gains or business income, because the assessee had only a right to sue and no enforceable property right capable of transfer. The Tribunal held that a right to sue is a personal right, not a capital asset, and compensation for giving it up does not attract section 45. It also noted that the failed acquisition had deprived the assessee of a prospective source of income. The protective addition was deleted because the disputed amount belonged to other corporate parties, had already been received and accounted for by them, and could not be assessed in the assessee's hands.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4813 
Join Channel 
