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Ram Kulkarni (Director)     03 September 2014

Income tax on court case compensation

Builder has given me compensation for incomplete and late possession n of flat Rs 12 lacks.Is it mandetary to pay income tax on this amount or is it waived of from IT department.is there any case Law regarding the income tax on compensation 



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 2 Replies

T. Kalaiselvan, Advocate (Advocate)     08 September 2014

If it is treated as income in your hand you are liable to pay the income tax for it, better consult your auditor and take his advise on it.

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     08 September 2014

Please you can refer this case for your problem.ICIT vs M/s.Saurashtra Cement Ltd. 2010-T10 L-49-SC-IT Suprement court 


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