https://www.taxtmi.com/caselaws?id=180500 Compensation received on cancellation of an agreement that regulated the conditions of business for a fixed term was treated as a capital receipt because it extinguished the contractual framework and source of income, rather than representing trading profits from ordinary operations. The receipt was not shown to be payment for profits already earned in the normal course of business. It was therefore not a revenue receipt and was not taxable as income. en-us Thu, 10 Jan 1952 00:00:00 +0530 Sat, 26 Mar 2016 13:48:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180500 Compensation received on cancellation of an agreement that regulated the conditions of business for a fixed term was treated as a capital receipt because it extinguished the contractual framework and source of income, rather than representing trading profits from ordinary operations. The receipt was not shown to be payment for profits already earned in the normal course of business. It was therefore not a revenue receipt and was not taxable as income. Case-Laws Income Tax Thu, 10 Jan 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180500