Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 1963 (3) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1963 (3) TMI 48 - SC - Income TaxWhether the sum of Rs. 25,200 received by the assessee in the circumstances stated above was a revenue income liable to tax under the Indian Income-tax Act or a capital receipt not liable to tax under the said Act ? Held that:- Appeal dismissed. What has been paid to the appellant is his salary in lieu of notice. If that is the true position then the amount paid is taxable under section 7 of the Indian Income-tax Act, 1922. It is not compensation for loss of employment within the meaning of Explanation 2 thereto.
|