https://www.taxtmi.com/caselaws?id=335961 The Tribunal held that the compensation of Rs. 35.00 lacs received by the assessee on termination of a legal services agreement was a capital receipt, not assessable to income tax. The Tribunal disagreed with the lower authorities, citing legal precedents where compensation for the loss of a source of income was treated as a capital receipt. Consequently, the appeal was allowed in favor of the assessee. en-us Wed, 23 Nov 2016 00:00:00 +0530 Tue, 13 Dec 2016 12:13:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335961 The Tribunal held that the compensation of Rs. 35.00 lacs received by the assessee on termination of a legal services agreement was a capital receipt, not assessable to income tax. The Tribunal disagreed with the lower authorities, citing legal precedents where compensation for the loss of a source of income was treated as a capital receipt. Consequently, the appeal was allowed in favor of the assessee. Case-Laws Income Tax Wed, 23 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335961