https://www.taxtmi.com/caselaws?id=69897 A receipt from handing over possession of letters of unique literary and sentimental value was treated as capital in nature because it did not arise from any business, vocation, or organised activity carried on by the assessee. The transaction was isolated, and the fact that the purchaser acted through an agent did not change the character of the receipt in the assessee's hands. Applying the distinction between trading receipts and capital receipts, the amount could not be taxed as income merely because consideration was paid for transfer of possession. The receipt was therefore held to be capital and not taxable as revenue income. en-us Tue, 12 Feb 2002 00:00:00 +0530 Tue, 12 Apr 2011 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69897 A receipt from handing over possession of letters of unique literary and sentimental value was treated as capital in nature because it did not arise from any business, vocation, or organised activity carried on by the assessee. The transaction was isolated, and the fact that the purchaser acted through an agent did not change the character of the receipt in the assessee's hands. Applying the distinction between trading receipts and capital receipts, the amount could not be taxed as income merely because consideration was paid for transfer of possession. The receipt was therefore held to be capital and not taxable as revenue income. Case-Laws Income Tax Tue, 12 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69897