Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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.
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