https://www.taxtmi.com/caselaws?id=5215 Receipts from salami, premia, sub-leases and compulsory acquisition of leasehold land were treated as capital receipts because the controlling test was the real nature and object of the transactions. The assessee had been formed to preserve and manage a family estate, had not carried on an independent business of dealing in land, and had merely granted long-duration sub-leases as part of estate management. Powers in the memorandum, dividend declarations and reserve creation were not decisive. Compensation for compulsory acquisition was also regarded as a substitute for capital assets lost, so the amounts were excluded from business income. en-us Wed, 19 Sep 1979 00:00:00 +0530 Wed, 04 Apr 2018 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5215 Receipts from salami, premia, sub-leases and compulsory acquisition of leasehold land were treated as capital receipts because the controlling test was the real nature and object of the transactions. The assessee had been formed to preserve and manage a family estate, had not carried on an independent business of dealing in land, and had merely granted long-duration sub-leases as part of estate management. Powers in the memorandum, dividend declarations and reserve creation were not decisive. Compensation for compulsory acquisition was also regarded as a substitute for capital assets lost, so the amounts were excluded from business income. Case-Laws Income Tax Wed, 19 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5215