Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
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The case pertains to the taxability of compensation received by the assessee for termination of a contract. The key points are: The assessee received Rs. 4,30,88,084 as compensation for terminating a bottling contract with Hindustan Coca-Cola Beverages Pvt Ltd due to trade disputes. The Revenue contended that the amount was taxable u/ss 28(iv)/28(va) or 45, arguing it did not represent termination compensation exempt under Oberoi Hotels case. However, the Tribunal, after examining the settlement agreement and financial statements, upheld the CIT(A)'s finding that the source of income had ceased, making it a non-taxable capital receipt under Oberoi Hotels. Regarding disallowance of 20% of raw material purchases, the ITAT restricted it to 10%, observing that while the assessee must justify claims, the AO cannot make ad-hoc disallowances without scientific basis if documents are unavailable. The High Court upheld the ITAT's view.
The case pertains to the taxability of compensation received by the assessee for termination of a contract. The key points are: The assessee received Rs. 4,30,88,084 as compensation for terminating a bottling contract with Hindustan Coca-Cola Beverages Pvt Ltd due to trade disputes. The Revenue contended that the amount was taxable u/ss 28(iv)/28(va) or 45, arguing it did not represent termination compensation exempt under Oberoi Hotels case. However, the Tribunal, after examining the settlement agreement and financial statements, upheld the CIT(A)'s finding that the source of income had ceased, making it a non-taxable capital receipt under Oberoi Hotels. Regarding disallowance of 20% of raw material purchases, the ITAT restricted it to 10%, observing that while the assessee must justify claims, the AO cannot make ad-hoc disallowances without scientific basis if documents are unavailable. The High Court upheld the ITAT's view.
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