https://www.taxtmi.com/caselaws?id=216003 The Tribunal upheld the reopening of the assessment under Section 147 of the Income Tax Act and ruled that the compensation received by the assessee was taxable as a revenue receipt under Section 28(va)(a). It determined that the compensation was not a capital receipt but rather a revenue receipt arising from the settlement of disputes and agreements not to use certain names and trademarks. The Tribunal dismissed the appeal and confirmed the taxability of the compensation as a revenue receipt, denying the assessee's claim for treatment as capital gains. en-us Thu, 09 Aug 2012 00:00:00 +0530 Fri, 24 May 2013 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216003 The Tribunal upheld the reopening of the assessment under Section 147 of the Income Tax Act and ruled that the compensation received by the assessee was taxable as a revenue receipt under Section 28(va)(a). It determined that the compensation was not a capital receipt but rather a revenue receipt arising from the settlement of disputes and agreements not to use certain names and trademarks. The Tribunal dismissed the appeal and confirmed the taxability of the compensation as a revenue receipt, denying the assessee's claim for treatment as capital gains. Case-Laws Income Tax Thu, 09 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216003