https://www.taxtmi.com/caselaws?id=180631 Compensation for temporary requisition of factory premises was characterised by the statutory basis of the claim and the injury compensated for. Because the requisition was temporary and did not destroy or permanently sterilise the business structure or profit-earning apparatus, the amount was treated as compensation for interruption of business and loss of profits, not as payment for destruction of a capital asset. The fact that the sum was measured by profits earned elsewhere did not change its character. The receipt was therefore revenue in nature and taxable as income, but it was exempt as a casual and non-recurring receipt, with the result stated in favour of the assessee. en-us Tue, 08 Mar 1960 00:00:00 +0530 Wed, 30 Mar 2016 18:27:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180631 Compensation for temporary requisition of factory premises was characterised by the statutory basis of the claim and the injury compensated for. Because the requisition was temporary and did not destroy or permanently sterilise the business structure or profit-earning apparatus, the amount was treated as compensation for interruption of business and loss of profits, not as payment for destruction of a capital asset. The fact that the sum was measured by profits earned elsewhere did not change its character. The receipt was therefore revenue in nature and taxable as income, but it was exempt as a casual and non-recurring receipt, with the result stated in favour of the assessee. Case-Laws Income Tax Tue, 08 Mar 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180631