https://www.taxtmi.com/caselaws?id=6460 Section 10(5A) deemed compensation for termination of a managing agency agreement to be profits and gains of business, but only for charging it under the business head; it did not create a new and independent source of income. The receipt remained attributable to the original managing agency business, so the relevant previous year was that of the same business source under section 2(11). The compensation was therefore assessable in assessment year 1955-56, and the deeming fiction was confined to converting a capital receipt into taxable income without altering its source. en-us Fri, 21 Nov 1975 00:00:00 +0530 Fri, 05 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6460 Section 10(5A) deemed compensation for termination of a managing agency agreement to be profits and gains of business, but only for charging it under the business head; it did not create a new and independent source of income. The receipt remained attributable to the original managing agency business, so the relevant previous year was that of the same business source under section 2(11). The compensation was therefore assessable in assessment year 1955-56, and the deeming fiction was confined to converting a capital receipt into taxable income without altering its source. Case-Laws Income Tax Fri, 21 Nov 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6460