Interest earned on damages awarded through a decree of a court is a revenue receipt chargeable to tax in India while damages itself will not be chargeable.
Recently Delhi ITAT has held that Interest earned on damages awarded through a decree of a court is a revenue receipt chargeable to tax in India while damages itself will not be chargeable.
Interest does not partake the character of the principal amount i.e. Arbitration amount as the interest has its own distinct character.
๐๐ฒ๐น๐ต๐ถย ๐ง๐ฟ๐ถ๐ฏ๐๐ป๐ฎ๐นย ๐ถ๐ปย ๐จ๐ป๐ถ๐๐ฒ๐ฟ๐๐ฎ๐นย ๐ง๐ฟ๐ฎ๐ฐ๐๐ผ๐ฟย ๐๐ผ๐น๐ฑ๐ถ๐ป๐ดย ๐๐๐ย ๐.ย ๐๐๐๐งย [๐๐ง๐ย ๐ก๐ผ.ย ๐ฎ๐ฎ๐ญ๐ฒ/๐๐ฒ๐น/๐ฎ๐ฌ๐ฎ๐ฎ],ย ๐ฑ๐ฎ๐๐ฒ๐ฑย ๐ฎ๐ด.๐ฌ๐ด.๐ฎ๐ฌ๐ฎ๐ฐ
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The copy of the order is as under:
1724906915-2216 Universal Tractor Holding LLC
