https://www.taxtmi.com/caselaws?id=151836 The Tribunal annulled the Commissioner of Income-tax's order under section 263, holding that the Rs. 21 lakhs received by the assessee from M/s. Mahendra Builders Pvt. Ltd. as liquidated damages was not taxable as capital gains. The Tribunal determined that the amount was compensation for various factors and not a capital asset, referencing relevant case law. Consequently, the appeal of the assessee was allowed. en-us Fri, 30 May 2003 00:00:00 +0530 Wed, 16 Mar 2016 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151836 The Tribunal annulled the Commissioner of Income-tax's order under section 263, holding that the Rs. 21 lakhs received by the assessee from M/s. Mahendra Builders Pvt. Ltd. as liquidated damages was not taxable as capital gains. The Tribunal determined that the amount was compensation for various factors and not a capital asset, referencing relevant case law. Consequently, the appeal of the assessee was allowed. Case-Laws Income Tax Fri, 30 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151836