|
[1] The purport of Article 41 (3) of the former Enforcement Decree of the Income Tax Act (amended by Presidential Decree No. 19890 of Feb. 28, 2007) which defines ""penalties (liquidated damages) or compensatory damages"" under Article 21 (1) 10 of the Income Tax Act as ""compensation for damage received due to a breach or rescission of a contract as to the property right""
[2] The case holding that since insurance proceeds paid for the bodily injuries inflicted directly by a traffic disaster are not subject to income tax, thus, the compensation for its delayed payment is also not subject to taxation
|
