https://www.taxtmi.com/caselaws?id=189324 Compensation received for the commercial use of machinery was treated as taxable income because it arose from exploitation of a partnership asset held in common, not from a capital settlement or transfer of the machinery's value. The receipt was paid in full settlement of a claim specifically for use of the machinery by the mills, and was therefore assessable as income from other sources. It was not a mere adjustment of capital value or a casual non-taxable receipt, so the amount was held liable to income-tax. en-us Mon, 02 Apr 1951 00:00:00 +0530 Thu, 05 Jan 2017 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189324 Compensation received for the commercial use of machinery was treated as taxable income because it arose from exploitation of a partnership asset held in common, not from a capital settlement or transfer of the machinery's value. The receipt was paid in full settlement of a claim specifically for use of the machinery by the mills, and was therefore assessable as income from other sources. It was not a mere adjustment of capital value or a casual non-taxable receipt, so the amount was held liable to income-tax. Case-Laws Income Tax Mon, 02 Apr 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189324