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ITAT, Mumbai: Reimbursement of Equipment Lost in Hole is Capital Receipt - (12 Mar 2020)

DIRECT TAXATION

Income Tax Appellate Tribunal (ITAT), Mumbai 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.

Tags : INCOME TAX APPELLATE TRIBUNAL   EQUIPMENT LOST IN HOLE  

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