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2003 (11) TMI 41 - HC - Income TaxCapital/Revenue receipt - assessee has included a sum of Rs. 8.6 lakhs under the head "Reserves and surplus". The said sum was received by the assessee on termination of distributorship. - "(i) Whether, Tribunal is right in law in holding that the sum of Rs. 8.6lakhs received by the assessee and covered by the termination agreement cannot constitute the income of the assessee? - (ii) Whether, having regard to the existing provisions of section 28(ii)(c), the Tribunal is right in law in deleting the sum of Rs. 8.6 1akhs from the income of the assessee on the ground that the compensation received by the assessee is capital in nature?" questions referred are answered in affirmative and in favour of the assessee and against the Revenue.
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