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Taxability of hardship compensation received by an assessee from a builder for vacating an existing flat for redevelopment purposes. The assessee claimed that such receipt is a capital receipt and not taxable income. The ITAT, relying on the Bombay High Court's decision in Sarfaraz S. Furniturewalla's case, held that any hardship or rehabilitation allowance paid by a developer for the hardship suffered due to dispossession cannot be considered a revenue receipt and is not liable to be taxed. Accordingly, the hardship allowance received by the assessee from the developer is not taxable income, and the assessee's ground was allowed.
Taxability of hardship compensation received by an assessee from a builder for vacating an existing flat for redevelopment purposes. The assessee claimed that such receipt is a capital receipt and not taxable income. The ITAT, relying on the Bombay High Court's decision in Sarfaraz S. Furniturewalla's case, held that any hardship or rehabilitation allowance paid by a developer for the hardship suffered due to dispossession cannot be considered a revenue receipt and is not liable to be taxed. Accordingly, the hardship allowance received by the assessee from the developer is not taxable income, and the assessee's ground was allowed.
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