https://www.taxtmi.com/highlights?id=55011 Relief u/s 220(7) - Assessee in default for amount non received in India - From the perusal of the records it can be seen that the compensation is not coming under the purview of the business income as there was no business during the period. - Thus, compensation received in lieu of the losses of the contract which was supposed to be executed in the year 1991 will not form the receipt of revenue in nature, but capital in nature. - Since the amount is not taxable, the question of relief u/s 220(7) becomes redundant - AT en-us Mon, 05 Oct 2020 08:35:25 +0530 Mon, 05 Oct 2020 08:35:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55011 Relief u/s 220(7) - Assessee in default for amount non received in India - From the perusal of the records it can be seen that the compensation is not coming under the purview of the business income as there was no business during the period. - Thus, compensation received in lieu of the losses of the contract which was supposed to be executed in the year 1991 will not form the receipt of revenue in nature, but capital in nature. - Since the amount is not taxable, the question of relief u/s 220(7) becomes redundant - AT Highlights Income Tax Mon, 05 Oct 2020 08:35:25 +0530 https://www.taxtmi.com/highlights?id=55011