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Selected case laws (Direct Tax) applicable for June 2017 exams CHAPTER BASIC CONCEPTS S.NO Key Issue 1 Liquidated damages received form Supplier of plant Details of Issue What is the nature of liquidated damages received by a company from the supplier of plant for failure to supply machinery to the company within the stipulated time- a capital receipt or a revenue receipt? 2 Taxable as Cash Credit Can capital contribution of the or not (Sec 68) individual partners credited to their accounts in the books of the firm be taxed as ca