Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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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