Friday, October 18, 2019

Sum received as damages from tenant for unauthorized occupation of property was capital receipt not liable to tax

INCOME TAX: Where in terms of arbitral award assessee received certain amount as damages from tenant for unauthorized occupation of let out property, amount so received being in nature of 'mesne profit' was a capital receipt, not liable to tax

from www.taxmann.com Latest Case Laws https://ift.tt/2P44syK

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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