https://www.taxtmi.com/caselaws?id=250615 The High Court upheld the Tribunal's decision, affirming that the sale proceeds of land and bonds were capital receipts, not annual receipts, and therefore eligible for exemption under Section 10(23C)(iiiad) of the Income Tax Act. The Court dismissed the Revenue's appeal, ruling that the sale proceeds were a conversion of a capital asset and not recurring income, in line with the Tribunal's and Commissioner of Income Tax (Appeals)'s findings. Consequently, the assessee was granted exemption under the said provision. en-us Mon, 11 Aug 2014 00:00:00 +0530 Wed, 20 Aug 2014 08:25:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250615 The High Court upheld the Tribunal's decision, affirming that the sale proceeds of land and bonds were capital receipts, not annual receipts, and therefore eligible for exemption under Section 10(23C)(iiiad) of the Income Tax Act. The Court dismissed the Revenue's appeal, ruling that the sale proceeds were a conversion of a capital asset and not recurring income, in line with the Tribunal's and Commissioner of Income Tax (Appeals)'s findings. Consequently, the assessee was granted exemption under the said provision. Case-Laws Income Tax Mon, 11 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250615