TMI Blog2009 (12) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... infringed the copyright of assessee and the injuries received on account of such publishers have been redressed by paying compensation for the damages caused to the assessee's business of publication. On this factual scenario we are of the view that compensation amount received by the assessee is not towards the loss of capital but is towards the loss of its income - 28 of 2000, 55 of 2000 - - - Dated:- 9-12-2009 - K. Agarwal, Prakash Krishna,Subhash Chandra Nigam,JJ. Petitioner Counsel :- A.N.Mahajan,A. Kumar,B. Agarwal,D. Awasthi,G. Krishna,R.K. Upadhyay,S. Chopra Respondent Counsel :- R.R. Kapoor Prakash Krishna The above appeals have been filed under Section 260 A of the Income Tax Act against common order dated 9th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Vs. CIT (1999) 236 ITR 903, the receipt in question is a revenue receipt. Sri Krishna Agrawal, learned counsel for the assessee, on the other hand, supports the order of the Tribunal. 5. Considered the respective submissions of the learned counsel for the parties and perused the record. 6. Anything which can properly be described as income is taxable under the Act unless expressly exempted as held in Maharajkumar Gopal Saran Narain Singh Vs. CIT (1935) 3 ITR 237 (P.C.). It is well settled that tax is on income and therefore capital is not subject of charge under the Income Tax Act. Whether the particular receipt is capital receipt or income receipt, is subject matter of unending debate since long. There is nothing much on record to sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... compensation, is compensation for loss of source of income or profit in a trading transaction. The emphasis has been laid on the consideration of the circumstances. 9. Coming to the facts of the present case, it may be noted that the assessee Firm is publisher of law books and journals. It received certain amount of compensation for infringement of its copyright in the relevant books. The assessing authority has recorded that assessee's copyright in the relevant books has not been affected and has remained fully intact as capital asset. Certain publishers unauthorisedly infringed the copyright of assessee and the injuries received on account of such publishers have been redressed by paying compensation for the damages caused to the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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