https://www.taxtmi.com/caselaws?id=6979 A payment received as compensation for loss of profits or for making good a loss in the profit-making apparatus is a revenue receipt when it is connected with the conduct of the trade. Here, the amount was linked to the company's sugar stock, which formed part of its stock-in-trade, and arose from the assessee's business relationship with the family company. Because the receipt was business-linked, it did not qualify for exemption as a casual or non-recurring receipt under section 4(3)(vii). The amount was therefore taxable as revenue income in the hands of the assessee. en-us Fri, 23 Dec 1966 00:00:00 +0530 Sat, 07 Feb 2009 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6979 A payment received as compensation for loss of profits or for making good a loss in the profit-making apparatus is a revenue receipt when it is connected with the conduct of the trade. Here, the amount was linked to the company's sugar stock, which formed part of its stock-in-trade, and arose from the assessee's business relationship with the family company. Because the receipt was business-linked, it did not qualify for exemption as a casual or non-recurring receipt under section 4(3)(vii). The amount was therefore taxable as revenue income in the hands of the assessee. Case-Laws Income Tax Fri, 23 Dec 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6979