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2005 (9) TMI 60 - HC - Income TaxIncome from compensation - "Whether Tribunal is right in law and on facts in giving direction to treat the income from compensation under the head 'Income from other sources'?" - assessee having stopped doing business altogether, the assets, viz., name and the goodwill, cease to have the character of business or commercial assets, and become capital assets. Thus, when the assessee exploits the said asset as an owner, the income received therefrom is no longer "business income" but assumes the character of "income from other sources". – thus, it is not possible to find any infirmity in the order of the Tribunal in holding the income from compensation to be assessable under the head "Income from other sources".
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