{"id":8989,"date":"2020-01-01T07:10:42","date_gmt":"2020-01-01T07:10:42","guid":{"rendered":"http:\/\/itatonline.org\/digest\/butterfly-marketing-p-ltd-v-dcit-2019-179-itd-431-chennai-trib\/"},"modified":"2020-01-01T07:10:42","modified_gmt":"2020-01-01T07:10:42","slug":"butterfly-marketing-p-ltd-v-dcit-2019-179-itd-431-chennai-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/butterfly-marketing-p-ltd-v-dcit-2019-179-itd-431-chennai-trib\/","title":{"rendered":"Butterfly Marketing P. Ltd. v. DCIT  (2019) 179 ITD 431 (Chennai)   (Trib.)"},"content":{"rendered":"<p>Assessee-company owned a godown. This property was already given on long term lease of 99 years. The lessee sold the property. The assessee entered into MOU with lessee in terms of which assessee received compensation of Rs. 4.65 crore towards termination of long-term lease.\u00a0 The AO treated the compensation as sale consideration. CIT (A) confirmed the order of the AO. On appeal the Tribunal held that compensation received was towards loss of source of income; same could not be treated as revenue receipt, and it was capital receipt not liable to tax. Referred <strong>\u00a0<\/strong>Karam Chand Thapar and Bros. (P.) Ltd. v. CIT (1971) 80 ITR 167 (SC), Kettlewell Bullen &amp; Co. Ltd. v. CIT (1964)\u00a0 53 ITR 261, (SC) (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 4 : Charge of income-tax\u2013Capital or revenue-Compensation for termination of lease-Loss of source of income\u2013Capital receipt not to chargeable to tax.  [S. 45]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8989","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2kZ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=8989"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8989\/revisions"}],"predecessor-version":[{"id":8990,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8989\/revisions\/8990"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}