https://www.taxtmi.com/caselaws?id=269986 The court determined that the compensation received by the Assessee from a German publisher was a capital receipt for tax purposes, not chargeable under the Income Tax Act. Despite the Assessing Officer's initial classification as a revenue receipt, the Commissioner of Income Tax (Appeals) and the ITAT ruled in favor of the Assessee, emphasizing the loss of a capital asset, i.e., the contract with the publisher. The High Court supported this view, citing precedents where compensation for the loss of a source of income was considered a capital receipt, leading to the final decision in favor of the Assessee. en-us Tue, 22 Dec 2015 00:00:00 +0530 Fri, 01 Jan 2016 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269986 The court determined that the compensation received by the Assessee from a German publisher was a capital receipt for tax purposes, not chargeable under the Income Tax Act. Despite the Assessing Officer's initial classification as a revenue receipt, the Commissioner of Income Tax (Appeals) and the ITAT ruled in favor of the Assessee, emphasizing the loss of a capital asset, i.e., the contract with the publisher. The High Court supported this view, citing precedents where compensation for the loss of a source of income was considered a capital receipt, leading to the final decision in favor of the Assessee. Case-Laws Income Tax Tue, 22 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269986