https://www.taxtmi.com/caselaws?id=438539 The case involved the reopening of proceedings under sections 147/148 of the Income Tax Act and the taxability of Rs. 135 crores received as long-term capital gains. The Tribunal held that the amount received was not taxable as capital gains as it was compensation for breach of contract, not for transferring any right in the property. Therefore, the grounds challenging the taxability were allowed, and the appeals were partly allowed for all parties involved. en-us Mon, 29 May 2023 00:00:00 +0530 Fri, 02 Jun 2023 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438539 The case involved the reopening of proceedings under sections 147/148 of the Income Tax Act and the taxability of Rs. 135 crores received as long-term capital gains. The Tribunal held that the amount received was not taxable as capital gains as it was compensation for breach of contract, not for transferring any right in the property. Therefore, the grounds challenging the taxability were allowed, and the appeals were partly allowed for all parties involved. Case-Laws Income Tax Mon, 29 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438539