https://www.taxtmi.com/caselaws?id=359697 The case dealt with the classification of damages and compensation received by the assessee as revenue or capital receipts. The ITAT, relying on the Universal Radiators case, determined that the amounts, intended for stock-in-trade purposes, were immobile and sterilized, thus categorized as capital receipts. The compensation was awarded due to the non-supply of land, crucial for the assessee's profit-making apparatus, making it a capital receipt. The ITAT's decision was upheld, emphasizing the immobility of the asset and the absence of a revenue nature, leading to the dismissal of appeals. en-us Wed, 25 Apr 2018 00:00:00 +0530 Thu, 16 Aug 2018 18:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359697 The case dealt with the classification of damages and compensation received by the assessee as revenue or capital receipts. The ITAT, relying on the Universal Radiators case, determined that the amounts, intended for stock-in-trade purposes, were immobile and sterilized, thus categorized as capital receipts. The compensation was awarded due to the non-supply of land, crucial for the assessee's profit-making apparatus, making it a capital receipt. The ITAT's decision was upheld, emphasizing the immobility of the asset and the absence of a revenue nature, leading to the dismissal of appeals. Case-Laws Income Tax Wed, 25 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359697