What will be treatment of additional amount received in case of court order
This query is : Resolved
Quick Summary
07 January 2023
Assessee, a purchaser of land, paid advance to seller Rs.10 lacs. As the land title was not clear, purchaser demanded his advance money. Seller refused to give advance. Purchaser filed suit in court and court ordered to seller to pay 16 lacs to purchaser within stipulated time. Seller filed appeal in higher court & in ultimate compromise seller paid Rs.21 lacs in all. What will be treatment for income tax purpose of additional money received Rs.11 lacs.
07 January 2023
It is taxable u/h. Income From Other Sources.'
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- Applicability of GST on Salary Reimbursement Component
- Minimum tax payable to file Updated return
- Dep. as per companies act
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Renovation exp. in flat by family member
- Change Of Karta In Case of Death
- New GST registration for new place of business.
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
ARTICLESHIP
16 September 2026
Article Assistant
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
CCI
Pro
CAclubindia
