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of <h1>Karnataka High Court: MMTC payment not taxable income, but capital receipt for machinery acquisition</h1> <h3>Commissioner Of Income-Tax Versus Gogte Minerals</h3> The High Court of Karnataka held that the amount received by the assessee from MMTC was not taxable income but a capital receipt for acquiring new ... Capital Or Revenue Receipt, Capital Receipt The High Court of Karnataka ruled that the amount received by the assessee from MMTC cannot be considered as income, as it was for acquiring new machinery and replacement of old machinery, making it a capital receipt. The Court declined to answer the question regarding guarantee commission paid by the assessee.
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