https://www.taxtmi.com/caselaws?id=768624 The ITAT Mumbai held that compensation received by an assessee in the form of a flat for vacating illegally occupied property constitutes a capital receipt and is not taxable under section 56(2)(vii)(b). The tribunal found that the flat was allotted as compensation for removing nuisance created by the assessee. Following precedent from Shri Kishre D.P., the tribunal ruled that compensation for creating nuisance is a capital receipt, not taxable income. The case was decided in favor of the assessee. en-us Mon, 07 Apr 2025 00:00:00 +0530 Thu, 10 Apr 2025 08:32:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768624 The ITAT Mumbai held that compensation received by an assessee in the form of a flat for vacating illegally occupied property constitutes a capital receipt and is not taxable under section 56(2)(vii)(b). The tribunal found that the flat was allotted as compensation for removing nuisance created by the assessee. Following precedent from Shri Kishre D.P., the tribunal ruled that compensation for creating nuisance is a capital receipt, not taxable income. The case was decided in favor of the assessee. Case-Laws Income Tax Mon, 07 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768624