https://www.taxtmi.com/caselaws?id=6735 Under the Madras Estates Abolition Act, interim payments pending final compensation were treated as a distinct statutory receipt and not part of capital compensation. Section 50 separately provided for interim payments, and section 50(8) expressly excluded them from compensation payable under section 41 or from being in lieu of that compensation. The adjustment and reconciliation mechanism also showed that such amounts were provisional and linked to temporary deprivation of income rather than the estate's capital value. On that basis, the receipts were held to be revenue in character and taxable, and the reopening notice under the Income-tax Act was sustained. en-us Fri, 24 Dec 1965 00:00:00 +0530 Sun, 01 Feb 2009 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6735 Under the Madras Estates Abolition Act, interim payments pending final compensation were treated as a distinct statutory receipt and not part of capital compensation. Section 50 separately provided for interim payments, and section 50(8) expressly excluded them from compensation payable under section 41 or from being in lieu of that compensation. The adjustment and reconciliation mechanism also showed that such amounts were provisional and linked to temporary deprivation of income rather than the estate's capital value. On that basis, the receipts were held to be revenue in character and taxable, and the reopening notice under the Income-tax Act was sustained. Case-Laws Income Tax Fri, 24 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6735