banner_ad

Direct Taxation

This query is : Resolved 
Profile Image

Profile Image

(Querist)
03 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 Crore 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?

Please note that the property was never acquired by the Company, hence, there was no transfer of Capital Assets and Sec. 51 is is not applicable.
Profile Image

vipin

Profile Image

vipin (Expert)
03 February 2009 it should taken as revenue in the ay 08-09

rds
cavipingarg
cavipingarg@yahoo.co.in
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
29 April 2026
Associate - Audit, Tax & Compliance

Open Co Consulting LLP

New Delhi

B.Com

View Details
Company
03 May 2026
Senior Chartered Accountant

Nirmal Jain & Co

New Delhi

CA

View Details
Company
ARTICLESHIP 30 April 2026
Article Assistant

M/s G.K. Choksi & Co.

New Delhi

CA Inter

View Details