Imported cement concessional duty exemption under Notification 4/2006 challenged over RSP misdeclaration; demand, interest and s.114A penalty set asid...
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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.
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