https://www.taxtmi.com/caselaws?id=71956 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision that the forfeited share application money amounting to Rs. 1,23,31,000 should be treated as a capital receipt rather than a revenue receipt. The Tribunal emphasized that the forfeited amount, related to share application money, aligns with the nature of capital receipts and is not subject to taxation as income. The Tribunal distinguished the present case from precedents cited by the revenue, reinforcing the view that such forfeited amounts are capital in nature. en-us Fri, 29 Feb 2008 00:00:00 +0530 Wed, 27 Dec 2023 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71956 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision that the forfeited share application money amounting to Rs. 1,23,31,000 should be treated as a capital receipt rather than a revenue receipt. The Tribunal emphasized that the forfeited amount, related to share application money, aligns with the nature of capital receipts and is not subject to taxation as income. The Tribunal distinguished the present case from precedents cited by the revenue, reinforcing the view that such forfeited amounts are capital in nature. Case-Laws Income Tax Fri, 29 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71956