COMPENSATORY DAMAGES

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....OMPENSATORY DAMAGES<br> Query (Issue) Started By: - RAVINDER GAMBHIR Dated:- 20-10-2010 Last Reply Date:- 20-10-2010 Income Tax<br>Got 1 Reply<br>Income Tax<br>My client got badly injured while travel....

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....ling in a lift.Now he will be getting compensation from the Company, the manufacturer of the lift. Whether the amount recd will be taxble or not. If yes under which section and if No under which sect....

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....ion. is there any case law in support of the decision. Thanks. Reply By CA Rachit Agarwal: The Reply: In my opinion the said receipt will be taxable. Section 10BC, exempts the amount received from....

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.... State Government/State Government if the amount received on account of disaster. As the amount received is on accountant of injury caused due to mishappening of the lift, and the same is not covered ....

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....under the definition of disaster. Further the amount is not niether receivable from the State Government nor Central Government.<br> Discussion Forum - Knowledge Sharing ....