https://www.taxtmi.com/caselaws?id=64857 Compensation received on withdrawal from a concurrent membership arrangement was treated as revenue receipt because the association was entered into in the ordinary course of professional activity and was used to generate international client work. The termination merely ended the arrangement and facilitated transfer of clients; it did not destroy or sterilise the assessee's accountancy business or any independent capital asset. The real character of the payment was compensation for loss of future professional earnings, so it was chargeable to tax as revenue in nature and not a capital receipt. en-us Fri, 18 Jan 2008 00:00:00 +0530 Tue, 23 Jan 2024 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64857 Compensation received on withdrawal from a concurrent membership arrangement was treated as revenue receipt because the association was entered into in the ordinary course of professional activity and was used to generate international client work. The termination merely ended the arrangement and facilitated transfer of clients; it did not destroy or sterilise the assessee's accountancy business or any independent capital asset. The real character of the payment was compensation for loss of future professional earnings, so it was chargeable to tax as revenue in nature and not a capital receipt. Case-Laws Income Tax Fri, 18 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64857