2007 (2) TMI 682

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....order dated 15-7-2005 passed by the Income-tax Appellate Tribunal, Delhi Bench 'E' in ITA No. 3329/Delhi/1993 relevant for the assessment year 1990-91. 2. Revenue has raised two grounds to challenge this order. The first ground is with regard to liquidated damages received by the assessee on account of delayed handing over of possession of immovable property due to it under an agreement entered....

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....ry support was a capital receipt and, therefore, not taxable. Later on the statute (section 28 of the Act) was amended with retrospective effect from 1-4-1962 to the effect that the cash compensatory support was to be treated as business income. On this basis, the amount received by the assessee towards cash compensatory support was held to be taxable and the assessee was not entitled to any inter....