Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Correct head of income - compensation received for vacating the flat - While the assessee argued for capital gain treatment, the Revenue contended it should be classified as income from other sources. However, the ITAT ruled that the compensation constituted a capital receipt in the hands of the assessee, as it was received from the company out of its own income. The ITAT concluded that the amount was neither capital gain nor income from other sources but rather an application of income by the company. Therefore, the addition made by the assessing officer was deleted, and the appeal of the assessee was allowed.
Correct head of income - compensation received for vacating the flat - While the assessee argued for capital gain treatment, the Revenue contended it should be classified as income from other sources. However, the ITAT ruled that the compensation constituted a capital receipt in the hands of the assessee, as it was received from the company out of its own income. The ITAT concluded that the amount was neither capital gain nor income from other sources but rather an application of income by the company. Therefore, the addition made by the assessing officer was deleted, and the appeal of the assessee was allowed.
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