S. 4 : Charge of income-tax-Alternative accommodation-Redevelopment agreement-Corpus monetary consideration -Rent for alternative accommodation-Hardship allowance-Capital receipt not taxable. [S. 56]
The Assessee is non-resident. The issue before the Income tax Appellate Tribunal was whether the addition on account of corpus fund for alternate accommodation received by the Assessee from the Developer / Builder is capital receipts. The Tribunal held that corpus monetary consideration, Rent for alternative accommodation, hardship allowance is capital receipt not taxable. Tribunal relied on Lawrence Rebello v. ITO (ITA No. 132/Ind /2020 order dt. 29-9-2021, Deliah Raj Mansukhani (Smt.) v. ITO (ITA No. 3526/Mum/2017 dt. 29-1-2021) (ITA No. 106/Mum/2023 dt. 10-5-2023)(AY. 2015-16)
Narayan Devarajn Iyengar v. ITO (Mum.)(Trib.) www.itatonline.org
[Coram : Hon’ble Shri G.S. Pannu, President and Hon’ble Shri Sandeep Singh Karhail, Judicial Member]