Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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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