Taxation and accounts query

ABC is gold and diamond trading firm and X is its neighbor .. in31/03/ 2019 ABC's electricity  bill was of 2 lacs and in 01/01/2020  the firm get to know that its neighbor X is using ABC electricity  so after giving legal notice to X . he settle this matter in 50 thousand  and give 50000 to firm(ABC) so what is the journal entry for money received and does this settlement money is taxable