https://www.taxtmi.com/caselaws?id=5134 Compensation received on a purported termination of managing agency was held to be a revenue receipt where the arrangement was found to be collusive and colourable. Because the controlling interests continued through a newly formed company, there was no real destruction or sterilisation of the profit-making apparatus and no genuine loss of office. The authorities were entitled to look beyond legal form to the substance of the transaction, especially where the structure was designed to evade tax. The amount was therefore taxable as business income, and the assessment was sustained. en-us Wed, 04 Sep 1968 00:00:00 +0530 Fri, 06 Dec 2013 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5134 Compensation received on a purported termination of managing agency was held to be a revenue receipt where the arrangement was found to be collusive and colourable. Because the controlling interests continued through a newly formed company, there was no real destruction or sterilisation of the profit-making apparatus and no genuine loss of office. The authorities were entitled to look beyond legal form to the substance of the transaction, especially where the structure was designed to evade tax. The amount was therefore taxable as business income, and the assessment was sustained. Case-Laws Income Tax Wed, 04 Sep 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5134