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2012 (12) TMI 1127 - ITAT CHENNAIBusiness income OR income from other sources - Held that:- Such activities and the agreements entered which ensured that effective management of M/s Ma Foi remained with them would show that these were part of an organized and well thought out plan to get more value for their investments. There was no loss of source of income for the assessee by virtue of 1 Million Euro received from M/s Randstad. In such a situation, in our opinion, A.O. was justified in considering the receipt to be from an adventure in the nature of business. View taken by the ld. CIT(A) that if not business income it will be ‘income from other sources’ is also, in our view, justified. Once it is not a capital receipt, then the income has to be taxed under one or other head of income provided under Section 14 of the Act. Money received was not for any breach of agreement. We are, therefore, of the opinion that the amount was rightly taxed as revenue receipts. No interference with the orders of the lower authorities are called for.
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