https://www.taxtmi.com/caselaws?id=8058 Compromise receipts substituting expected trading profits were treated as revenue income and assessed accordingly, because the compromise did not destroy the profit-making structure. A deed of exchange was held to confer a 1/6th share in the sugar mills itself, not merely an interest in machinery. Depreciation was denied on that share because the relevant provision applies only where the buildings, machinery, plant or furniture are the assessee's property. Interest paid on borrowed money used to acquire shares was deductible, even where the share purchase was not linked to the assessee's business, as expenditure incurred to earn income. en-us Thu, 03 Sep 1970 00:00:00 +0530 Fri, 27 Mar 2009 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8058 Compromise receipts substituting expected trading profits were treated as revenue income and assessed accordingly, because the compromise did not destroy the profit-making structure. A deed of exchange was held to confer a 1/6th share in the sugar mills itself, not merely an interest in machinery. Depreciation was denied on that share because the relevant provision applies only where the buildings, machinery, plant or furniture are the assessee's property. Interest paid on borrowed money used to acquire shares was deductible, even where the share purchase was not linked to the assessee's business, as expenditure incurred to earn income. Case-Laws Income Tax Thu, 03 Sep 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8058