https://www.taxtmi.com/caselaws?id=233518 The Tribunal upheld the decision of the CIT(A) that the compensation received by the assessee company from the Multilateral Fund under the Montreal Protocol was a capital receipt, credited to the capital reserve, for the assessment year 2008-09. The Tribunal relied on the provisions of section 28(va) of the Income Tax Act, noting that the compensation was for phasing out certain substances as required by the Protocol. The Tribunal found no fault in the CIT(A)'s decision to admit additional evidence and dismissed the revenue's appeal, affirming the decision in favor of the assessee. en-us Fri, 08 Feb 2013 00:00:00 +0530 Sat, 04 May 2013 08:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233518 The Tribunal upheld the decision of the CIT(A) that the compensation received by the assessee company from the Multilateral Fund under the Montreal Protocol was a capital receipt, credited to the capital reserve, for the assessment year 2008-09. The Tribunal relied on the provisions of section 28(va) of the Income Tax Act, noting that the compensation was for phasing out certain substances as required by the Protocol. The Tribunal found no fault in the CIT(A)'s decision to admit additional evidence and dismissed the revenue's appeal, affirming the decision in favor of the assessee. Case-Laws Income Tax Fri, 08 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233518