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1992 (4) TMI 215 - SC - Income Tax
Whether the amounts received from the Government of Maharashtra during the financial years ended March 31, 1963, and March 31, 1964, are receipts of an income nature and taxable under the provisions of the Indian Income-tax Act, 1922 (sic) (1961) - nature of the receipt is determined entirely by its character in the hands of the receiver - hold that the amounts received by the assessee have to be regarded as capital receipts and, therefore, are not income u/s 2(24)