https://www.taxtmi.com/caselaws?id=249009 The Tribunal held that the amount of Rs. 1,03,648/- was assessable as business income for the assessment year 1993-94 under the head 'income from business.' The Tribunal found that the amount had changed character from capital to revenue nature, making it taxable income, as the liability to pay back the amount had ceased to exist. Despite the appellant's argument of a bonafide belief regarding the non-declaration of income, the appeal was dismissed, upholding the Tribunal's decision on the assessability of the amount as income from business. en-us Thu, 08 May 2014 00:00:00 +0530 Wed, 02 Jul 2014 10:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249009 The Tribunal held that the amount of Rs. 1,03,648/- was assessable as business income for the assessment year 1993-94 under the head 'income from business.' The Tribunal found that the amount had changed character from capital to revenue nature, making it taxable income, as the liability to pay back the amount had ceased to exist. Despite the appellant's argument of a bonafide belief regarding the non-declaration of income, the appeal was dismissed, upholding the Tribunal's decision on the assessability of the amount as income from business. Case-Laws Income Tax Thu, 08 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249009