Can any one provide me the justification of "income arising from the right relating to acquisition of assets is of Capital Nature and not business Income" ?? here the asset is not transferred .. just the owner of the asset has received the benefit of bid on surrendering of the opportunity he recieves a gain from third party.. If possible Provide the answers with case reference..
Mr.Bhavi Vijay Bhinde
Your case falls under the ambit of section 28(va). It is not capital gain. It is income from business.
Best Wishes
Sathikonda
But it is not the Income from Business Activity.. I have received the right to bid on account of holding the investments, The income which is arising from the third party to the contract is on surrender of such right to bid..so how can it be a business activity?
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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YOGESH KAPOOR AND ASSOCIATES
New Delhi
B.Com
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