Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
Characterisation of mesne profits was contested as revenue or capital; tribunal found mesne profits constituted compensation for benefit unjustly retained by a tenant who overstayed on a monthtomonth tenancy, not damages to the capital asset, and therefore are revenue receipts. Reliance on certain earlier tribunal decisions was rejected and a binding highercourt precedent favouring revenue characterisation was applied. Consequence: the mesne profits are taxable as revenue and the taxpayer's appeal against the assessment was dismissed.
Characterisation of mesne profits was contested as revenue or capital; tribunal found mesne profits constituted compensation for benefit unjustly retained by a tenant who overstayed on a monthtomonth tenancy, not damages to the capital asset, and therefore are revenue receipts. Reliance on certain earlier tribunal decisions was rejected and a binding highercourt precedent favouring revenue characterisation was applied. Consequence: the mesne profits are taxable as revenue and the taxpayer's appeal against the assessment was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
