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1960 (11) TMI 25 - SC - Income TaxWhether the amounts received by the assessee are capital or revenue receipts and for that purpose it is necessary to investigate the nature of the grants made by the appellant? Held that:- The question which has to be decided is what was the nature of the transaction. The covenants in the licence show that the licensee had a right to enter upon the land and take away and appropriate samples of all bauxite of every kind up to 100 tons and, therefore, there was a transfer of the right the consideration for which would be a capital payment. In our opinion, the High Court was in error and the question referred should have been decided in favour of the appellant. Allow the appeal.
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