The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the reimbursement received by the assessee-Company on account of equipment Lost in Hole is in the nature of capital receipt which should be excluded from the gross receipts for the purpose of section 44BB of the Income Tax Act, 1961. The assessee […]
The post Reimbursement of Equipment Lost in Hole is Capital Receipt: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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