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2009 (8) TMI 751 - KARNATAKA HIGH COURTIncome or capital – Assessee founder member and secretary or educational society and working voluntarily as Headmaster of school run by society – amount received for relinquishment of Life membership and secretaryship of society – Assessable under Income from other sources In view of this specific contention having been taken by the assessee before the appellate authority that it is not a goodwill the assessee cannot contend contrary to the same. From the foregoing discussion it has to be concluded that the amount received by the assessee cannot be treated as a capital receipt since to forgo life membership or secretaryship, there is no capital asset which has been transferred by the assessee in favour of Dr. Paramahamsa. Further the assessee was not earning any income or making profit out of the said posts and by virtue of relinquishing the same, the assessee did not lose monetarily and as such the entire amount received from Dr. Paramahamsa by the assessee cannot be termed or construed as capital receipt.
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