https://www.taxtmi.com/caselaws?id=176230 Service connection charges received from consumers were treated as capital in nature because the expenditure created a quasi-permanent, income-producing asset necessary for supplying electricity. The contribution was statutory, paid in advance to recoup the cost of creating that asset, and its legal character was determined by substance rather than bookkeeping treatment. On that basis, the receipt was not included in business income for the relevant assessment year, and the Tribunal's attempt to distinguish the governing principle was rejected. en-us Thu, 29 Apr 1954 00:00:00 +0530 Mon, 11 Apr 2016 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176230 Service connection charges received from consumers were treated as capital in nature because the expenditure created a quasi-permanent, income-producing asset necessary for supplying electricity. The contribution was statutory, paid in advance to recoup the cost of creating that asset, and its legal character was determined by substance rather than bookkeeping treatment. On that basis, the receipt was not included in business income for the relevant assessment year, and the Tribunal's attempt to distinguish the governing principle was rejected. Case-Laws Income Tax Thu, 29 Apr 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176230