https://www.taxtmi.com/caselaws?id=8883 The High Court held that the sum of Rs. 41,219 received by the assessee-company from Jeypore Sugar Company was part of the consideration for a capital asset, not a revenue receipt liable to income-tax. The transaction was deemed a sale of a capital asset, not an adventure in the nature of trade. The court emphasized that the true character of the receipt, determined by the substance of the transaction, was capital in nature. Therefore, the payments received were capital receipts, not income, and were not taxable as business profits. en-us Fri, 26 Mar 1971 00:00:00 +0530 Tue, 16 Jun 2009 19:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8883 The High Court held that the sum of Rs. 41,219 received by the assessee-company from Jeypore Sugar Company was part of the consideration for a capital asset, not a revenue receipt liable to income-tax. The transaction was deemed a sale of a capital asset, not an adventure in the nature of trade. The court emphasized that the true character of the receipt, determined by the substance of the transaction, was capital in nature. Therefore, the payments received were capital receipts, not income, and were not taxable as business profits. Case-Laws Income Tax Fri, 26 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8883