https://www.taxtmi.com/caselaws?id=189597 Compensation paid for requisition of business premises was treated as damages for injury to the business asset, not as business income, because the method used to quantify the amount by reference to lost profits did not change its true character. The receipt was therefore a capital receipt and not taxable as revenue. Independently, because the payment arose outside the ordinary course of business and was an isolated amount, it also qualified as a casual and non-recurring receipt. On that basis, the compensation was outside the scope of taxable income. en-us Thu, 05 Mar 1953 00:00:00 +0530 Fri, 13 Jan 2017 16:47:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189597 Compensation paid for requisition of business premises was treated as damages for injury to the business asset, not as business income, because the method used to quantify the amount by reference to lost profits did not change its true character. The receipt was therefore a capital receipt and not taxable as revenue. Independently, because the payment arose outside the ordinary course of business and was an isolated amount, it also qualified as a casual and non-recurring receipt. On that basis, the compensation was outside the scope of taxable income. Case-Laws Income Tax Thu, 05 Mar 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189597