https://www.taxtmi.com/caselaws?id=205611 The High Court held that compensation received for land damage was not a revenue receipt as the land remained damaged and unrepaired. The Court ruled in favor of the assessee, stating that the potential for future profits did not automatically classify the compensation as revenue. The Court clarified that the amount for land damage was not taxable, disposing of the appeal in favor of the assessee. en-us Wed, 10 Aug 2011 00:00:00 +0530 Tue, 13 Sep 2011 09:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205611 The High Court held that compensation received for land damage was not a revenue receipt as the land remained damaged and unrepaired. The Court ruled in favor of the assessee, stating that the potential for future profits did not automatically classify the compensation as revenue. The Court clarified that the amount for land damage was not taxable, disposing of the appeal in favor of the assessee. Case-Laws Income Tax Wed, 10 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205611