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2005 (5) TMI 34 - CALCUTTA HIGH COURTIncome or Capital - "(a) Whether, sum of Rs. 1.75 crores received by the assessee for entering into a restrictive covenant of not entering into a competing business was receipt by the assessee in the nature of a capital receipt or whether it was a revenue receipt? (b) Whether said receipt of Rs. 1.75 crores is not capital gain chargeable to capital gains tax but merely capital receipt not chargeable to any tax whether tax or capital gains tax at all? (c) Whether, Tribunal was justified in law in deleting the addition of Rs. 1,74,95,000, made by the Assessing Officer as per the provision of section 10(3)?" – held that it would be illogical and against the language of section 56 to hold that everything that is exempted from capital gains by the statute could be taxed as a casual or non-recurring receipt under section 10(3) read with section 56
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