Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
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ITAT adjudicated compensation received for wind turbine generator (WTG) under-performance as capital receipt, not taxable. Relying on precedents in PCIT vs Xpro India Ltd. and Ramkrishna Forgings Limited, the tribunal determined the compensation from equipment supplier for technical performance shortfall constitutes a capital receipt. The Revenue's prior acceptance of similar claims in subsequent assessment year further substantiated the ruling. Tribunal directed assessment officer to exclude compensation amount from assessable income, effectively allowing the assessee's appeal and confirming the non-taxable nature of the compensation.
ITAT adjudicated compensation received for wind turbine generator (WTG) under-performance as capital receipt, not taxable. Relying on precedents in PCIT vs Xpro India Ltd. and Ramkrishna Forgings Limited, the tribunal determined the compensation from equipment supplier for technical performance shortfall constitutes a capital receipt. The Revenue's prior acceptance of similar claims in subsequent assessment year further substantiated the ruling. Tribunal directed assessment officer to exclude compensation amount from assessable income, effectively allowing the assessee's appeal and confirming the non-taxable nature of the compensation.
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