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Direct Tax

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(Querist)
02 February 2009 A Company received Rs. 1 Crore as compentation for cancelling a Sale Agreement pertaining to acquisition of land. Is that receipt of Rs. 1 Creore to be shwon as revenue in the P/ L account or can it be treated as deferred income and taken to the P/ L Account for a period of next 4 years commencing from A. Y. 2008- 2009.
What are the Tax implications and is there any Tax Rebate available for that?
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Jitender

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Jitender (Expert)
02 February 2009 answered.
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