Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Sum received on relinquishment of 'right to sue' is non-taxable capital receipt: ITAT

Right to sue is a right in personam which cannot be transferred and, thus, amount received as compensation in lieu of said right is not chargable to tax u/s 45

Refer: [2018] 99 taxmann.com 26 (Ahmedabad - Trib.)

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