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2011 (5) TMI 278 - AT - Income TaxCapital or revenue receipt - Circular No. 573,F.No. 200/115/90-IT(A-I), dated 21-8-1990 - whether the amount received by the assessee, after the death of her husband from the firm M/s. K.S. Aiyer & Co., in which he was a partner, is a capital or revenue receipt - it is quite manifest from the facts of the case that the payment made to the assessee did not relate to any business done by her for the firm. In the like manner it was not to compensate the assessee for any loss of profits suffered by her because of the firm - The fact that, under clauses (i), (ii) and (iii) of section 15(1), the compensation is paid as of right and in cases falling under clauses (d) of the proviso, it is a discretionary payment, would not stamp the payment with the character of revenue - Held that: amount received will be treated as capital receipt - Appeal is dismissed
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