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1962 (5) TMI 2 - SC - Income TaxWhether the sum of ₹ 60,000 was paid by Irani to the assessee company in view of the partnership getting the rights under the quota which the assessee company possessed and that therefore the sum represented a capital receipt and not a revenue receipt? Held that:- The High Court came to a correct conclusion that the sum of ₹ 60,000 was a revenue receipt and liable to tax. We accordingly dismiss the appeal with costs.
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