Direct Tax Case Study Summary in 26 Pages- CA Final Nov 2015

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Direct Tax Case Study Summary For Nov 2015 In 26 Pages

Direct Tax Case Study Summary For Nov 2015 In 26 Pages are summarized notes for CA Final Students Who are supposed to appear in Nov 2015 Exams. For them Summary of Direct Tax Case Studies are made in 26 Pages So that they can revise Direct Tax Case Studies in Summary in just 26 Pages and Prepare for exam, a part of direct tax case summary is given just below the download link below.

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A Preview Of Direct Tax Case Study summary Is Given Below:

INCOME TAX

1: BASIC CONCEPTS

What is the nature of liquidated damages received by a company from the supplier of plant for failure to supply

machinery to the company within the stipulated time – a capital receipt or a revenue receipt?

Saurashtra Cement Ltd. (2010)

Supreme Court‟s Decision: The Apex Court affirmed the decision of the High Court holding that the damages were directly and

intimately linked with the procurement of a capital asset i.e., the cement plant, which lead to delay in coming into existence of the

profit-making apparatus. It was not a receipt in the course of profit earning process. Therefore, the amount received by the

assessee towards compensation for sterilization of the profit earning source, is not in the ordinary course of business, hence it is

a capital receipt in the hands of the assessee.

Can waiver of loan or advance taken for the purpose of relocation of office premises be treated as a revenue receipt

liable to tax?

Softworks Computers P. Ltd. (2013)

Decision: Since the advance taken by the assessee-company was utilized by it for the purpose of relocating its office premises

i.e., for acquisition of a capital asset, namely, a new office, the waiver of the same cannot be said to be waiver or remission of

trading liability to attract taxability under the Act. Waiver of such advance, being capital in nature, is not taxable under the Act.

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