https://www.taxtmi.com/caselaws?id=7401 Annual mansab received after conversion of a jagir into a life annuity was treated as a revenue receipt and assessed as income. The conversion involved parting with the capital asset itself in return for recurring yearly payments for life, so the sums were not repayment of capital by instalments. The payments were traceable to a legally enforceable source created by the jagir order and the notification made under it. Decisions on compensation for compulsory acquisition were distinguished because this arrangement was a voluntary conversion into a cash annuity, not acquisition compensation. en-us Tue, 17 Sep 1968 00:00:00 +0530 Thu, 19 Feb 2009 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7401 Annual mansab received after conversion of a jagir into a life annuity was treated as a revenue receipt and assessed as income. The conversion involved parting with the capital asset itself in return for recurring yearly payments for life, so the sums were not repayment of capital by instalments. The payments were traceable to a legally enforceable source created by the jagir order and the notification made under it. Decisions on compensation for compulsory acquisition were distinguished because this arrangement was a voluntary conversion into a cash annuity, not acquisition compensation. Case-Laws Income Tax Tue, 17 Sep 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7401