https://www.taxtmi.com/caselaws?id=328284 The High Court affirmed the Tribunal's decision, categorizing the liquidated damages received by the assessee as a capital receipt, exempt from taxation. The ruling emphasized the link between the damages and the procurement of a capital asset, following the precedent set by the Supreme Court in a similar case. The decision highlighted the significance of this connection in defining the nature of receipts for tax purposes, ultimately upholding that the damages were capital in nature and not taxable in the hands of the assessee. en-us Wed, 25 Nov 2015 00:00:00 +0530 Tue, 31 May 2016 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328284 The High Court affirmed the Tribunal's decision, categorizing the liquidated damages received by the assessee as a capital receipt, exempt from taxation. The ruling emphasized the link between the damages and the procurement of a capital asset, following the precedent set by the Supreme Court in a similar case. The decision highlighted the significance of this connection in defining the nature of receipts for tax purposes, ultimately upholding that the damages were capital in nature and not taxable in the hands of the assessee. Case-Laws Income Tax Wed, 25 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328284