https://www.taxtmi.com/caselaws?id=352141 The High Court addressed the taxability of compensation received towards settlement, ruling that the amount was a capital receipt and not taxable under the Income Tax Act. The Court agreed with the Tribunal's decision that the compensation was paid to resolve disputes and withdraw pending litigation, not in lieu of any agency or non-competition agreement. Additionally, the Court upheld the deletion of penalty under section 271(1)(c) of the Income Tax Act, dismissing the appeals and finding no grounds for interference. en-us Mon, 06 Nov 2017 00:00:00 +0530 Fri, 08 Dec 2017 09:20:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352141 The High Court addressed the taxability of compensation received towards settlement, ruling that the amount was a capital receipt and not taxable under the Income Tax Act. The Court agreed with the Tribunal's decision that the compensation was paid to resolve disputes and withdraw pending litigation, not in lieu of any agency or non-competition agreement. Additionally, the Court upheld the deletion of penalty under section 271(1)(c) of the Income Tax Act, dismissing the appeals and finding no grounds for interference. Case-Laws Income Tax Mon, 06 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352141