https://www.taxtmi.com/caselaws?id=179310 The High Court addressed the treatment of a development fund received by the assessee, finding neutrality for the relevant assessment year. It considered the absence of a distinction between capital or revenue receipt for trusts under Section 12(1). The Court left open the possibility of revisiting the taxation of similar amounts in future cases. The claim for depreciation was allowed based on a previous judgment in favor of the assessee. The appeal was disposed of in favor of the assessee based on these findings. en-us Wed, 08 Apr 2015 00:00:00 +0530 Fri, 26 Feb 2016 10:40:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179310 The High Court addressed the treatment of a development fund received by the assessee, finding neutrality for the relevant assessment year. It considered the absence of a distinction between capital or revenue receipt for trusts under Section 12(1). The Court left open the possibility of revisiting the taxation of similar amounts in future cases. The claim for depreciation was allowed based on a previous judgment in favor of the assessee. The appeal was disposed of in favor of the assessee based on these findings. Case-Laws Income Tax Wed, 08 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179310