https://www.taxtmi.com/caselaws?id=241111 The ITAT confirmed that the excess amount received by the assessee from the Builder was not a capital gain but revenue income, considering it as compensation for non-performance under the contract. The interest received was deemed compensatory and assessed as revenue income under section 56 of the Income Tax Act. Following legal precedents, the ITAT partially allowed the appeal, exempting a portion of the amount as capital income and providing relief in the tax treatment of the received amounts. en-us Wed, 23 Oct 2013 00:00:00 +0530 Tue, 17 Dec 2013 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241111 The ITAT confirmed that the excess amount received by the assessee from the Builder was not a capital gain but revenue income, considering it as compensation for non-performance under the contract. The interest received was deemed compensatory and assessed as revenue income under section 56 of the Income Tax Act. Following legal precedents, the ITAT partially allowed the appeal, exempting a portion of the amount as capital income and providing relief in the tax treatment of the received amounts. Case-Laws Income Tax Wed, 23 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241111