https://www.taxtmi.com/caselaws?id=70562 The Tribunal found that the Rs. 60,000 received from Rajapalayam Company was of capital nature and not taxable. However, the amounts of Rs. 2,53,214 and Rs. 2,32,125 received from South Madras Electricity Supply Corporation and Mettur Chemical and Industrial Corporation were deemed taxable for the assessment year 1971-72. The Tribunal rejected the argument that the amounts received after discontinuing the business were not taxable, as the assessee had started a new business during the relevant year. The appeals were partly allowed, leading to the modification of the assessment accordingly. en-us Mon, 06 Oct 1980 00:00:00 +0530 Mon, 18 Apr 2011 10:04:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70562 The Tribunal found that the Rs. 60,000 received from Rajapalayam Company was of capital nature and not taxable. However, the amounts of Rs. 2,53,214 and Rs. 2,32,125 received from South Madras Electricity Supply Corporation and Mettur Chemical and Industrial Corporation were deemed taxable for the assessment year 1971-72. The Tribunal rejected the argument that the amounts received after discontinuing the business were not taxable, as the assessee had started a new business during the relevant year. The appeals were partly allowed, leading to the modification of the assessment accordingly. Case-Laws Income Tax Mon, 06 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70562