https://www.taxtmi.com/caselaws?id=293619 The ruling in this case determined that the liquidated damages claimed were not chargeable to tax as they were dismissed by the International Court of Arbitration. As a result, the characterization of the damages as a capital receipt was deemed inconsequential. The accrual of liquidated damages was also found not to apply due to the dismissal of the claim. Additionally, the trade receivables written off as bad debts, including service tax, were allowed as deductions under specific sections of the Income-tax Act. en-us Tue, 11 Feb 2020 00:00:00 +0530 Sat, 20 Feb 2021 21:03:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293619 The ruling in this case determined that the liquidated damages claimed were not chargeable to tax as they were dismissed by the International Court of Arbitration. As a result, the characterization of the damages as a capital receipt was deemed inconsequential. The accrual of liquidated damages was also found not to apply due to the dismissal of the claim. Additionally, the trade receivables written off as bad debts, including service tax, were allowed as deductions under specific sections of the Income-tax Act. Case-Laws Income Tax Tue, 11 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293619