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Compensation Received Under Mutual Agreement For Non-Renewal Of Contract Can't Form Basis Of Addition U/s 28(Ii)(E): Delhi ITAT

While clarifying the difference between profession and business, the Delhi ITAT reiterated that compensation received under mutual agreement for non-renewal of contract cannot form basis of addition u/s 28 of the Income Tax Act, 1961 The Bench of the ITAT comprising of Yogesh Kumar U.S and N.K. Billaiya reiterated while considering the decision of Supreme Court in the case of …

Compensation

ITAT Disallows Interest Paid On Loan Taken For Paying Compensation To Family Members Pursuant To Arbitral Award On Family Settlement

The Panaji Bench of the Income Tax Appellate Tribunal has disallowed the interest paid on a loan that was taken for paying compensation to the assessee’s family members pursuant to an arbitral award on family settlement.The bench of R.S. The Panaji Bench of the Income Tax Appellate Tribunal has disallowed the interest paid on a loan that was taken for …

Payment Of Compensation To CSA Under Termination Agreement Is Not Taxable Under India-South Africa DTAA, BCCI Not Liable To Deduct TDS: ITAT

The Mumbai bench of the Income Tax Appellate Tribunal has held that payment of compensation to Cricket South Africa under the Termination Agreement is not taxable under the provisions of the India-South Africa DTAA.The bench of G.S. The Mumbai bench of the Income Tax Appellate Tribunal has held that payment of compensation to Cricket South Africa under the Termination Agreement …

Compensation For Compulsory Acquisition Of Commercial Land Exempted From Income Tax: ITAT

The Patna Income Tax Appellate Tribunal has held that the compensation received in respect of an award or agreement has been exempt from the levy of income tax as per section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation, and Resettlement Act, 2013. The two-member bench of Sonjoy Sarma and Manish Borad has observed that …

No TDS Required To Be Deducted On Enhanced Compensation Awarded By Court Under Land Acquisition Act: Delhi ITAT

The Delhi Bench of ITAT, consisting of members Astha Chandra and N.K. Billaiya, has ruled that interest received by land owners on enhanced compensation awarded to them by the Court under Section 28 of the Land Acquisition Act, 1894 is not in the nature of 'income from other sources' under the Income Tax Act, 1961, therefore, no TDS is required …