1999 (3) TMI 2 - SUPREME COURT

Assessee company agreed to operate the hotel known as Hotel Oberoi Imperial, Singapore, for which the assessee-company was to receive a certain fee - assessee had given up its right to purchase and/or to operate the property - loss of source of income - Tribunal is correct in law in confirming the decision of the CIT (Appeals) that the receipt of Rs. 29,47,500 by the assessee from the receiver of the hotel in the course of the assessee's hotel operation business, is a capital receipt