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2010 (11) TMI 92 - DELHI HIGH COURTCapital or Revenue Receipt DCM and KNA comes into an agreement with respect to development of land owned by DCM Agreement terminated by the DCM unilaterally The return filed by the appellant and showing the sum of Rs. 4.25 crore received from the DCM as other income - During the course of assessment proceedings, the appellant by a letter dated 24th September, 2003 claimed that the said sum of ₹ 4.25 crores was a capital receipt AO did not consider the said sum in assessment Being aggrieved by the order of AO appellant filed an appeal to Commissioner(A) and the same is dismissed by the CIT(A) - The appellant preferred a second appeal before the Income-Tax Appellate Tribunal and the same is dismissed by the ITAT on the ground that what had been paid was towards the liabilities taken over and for the deprivation of the potential income Appeal to High Court Based on the precedent judgement High Court decided to dismiss the case Appeal to Supreme Court Supreme Court is also decided on the fact of the case that the said sum is in the nature of revenue receipt and the case is dismissed
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