https://www.taxtmi.com/caselaws?id=258347 The High Court held that the Rs. 1 lakh award received by the appellant from B. D. Goenka Foundation was a capital receipt and not taxable under the Income Tax Act, 1961. The Court distinguished between personal gifts and income, determining that the award fell under the former category. The appellant succeeded in establishing that the award was not related to services rendered and was akin to a personal gift, leading to a favorable outcome in the case with no costs awarded. en-us Fri, 27 Mar 2015 00:00:00 +0530 Tue, 11 Aug 2015 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258347 The High Court held that the Rs. 1 lakh award received by the appellant from B. D. Goenka Foundation was a capital receipt and not taxable under the Income Tax Act, 1961. The Court distinguished between personal gifts and income, determining that the award fell under the former category. The appellant succeeded in establishing that the award was not related to services rendered and was akin to a personal gift, leading to a favorable outcome in the case with no costs awarded. Case-Laws Income Tax Fri, 27 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258347