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2010 (10) TMI 11 - HC - Income TaxAmount received by the shareholders - consideration for voting in favor of resolution - Income u/s 2(24) - The members of Menezes family voted in favour of the resolution. As agreed, Procter and Gamble (India) Ltd (PGI the company) paid Rs.3.5 crores to the members of Menezes family. The amount was distributed amongst the members of Menezes family in the proportion agreed between them. - Held that: - the burden of proving that a receipt is of revenue character initially rests on the revenue. The revenue was required to initially establish that the amount of Rs.3.5 crores received by the members of Menezes family was of a revenue character. They have not discharged that burden. On the other had, we are of the view that the receipt was a casual receipt in the nature of windfall arising out of one time event of affirmative voting on a resolution. It was not of repetitive character and was not likely to happen again - question of law answered in favor of assessee
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