2019 (4) TMI 1386

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....espondent. ORDER P.C. : 1. This Appeal is filed by the assessee to challenge the judgment of Income Tax Appellate Tribunal. Following questions are presented for our consideration; (i) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT erred in holding that the receipt of Rs. 2,00,000/­ in question constituted a revenue receipt in the h....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mmissioner of Income­-tax 1(3), reported in (2015) 59 taxmann.com 274 (Bombay). In the said decision while dismissing the assessee's Appeal, the Court made following observations; (10) It is only vide the Finance Act, 2002 which came into effect from 1st April, 2003 the said capital receipt was now taxable under section 28(va). Accordingly, the Court held that there dichotomy betw....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....able to be taxed. It is clarified by the Supreme Court that section 28(va) of the Act was amendatory and not clarifactory and, therefore the amount received before the said date was not taxable under section 28(va) of the Act. 11. Following the aforesaid decision, we are of the view that in the present case, as well the amount received by the assessee was taxable under section 28(va) of t....