https://www.taxtmi.com/caselaws?id=199301 Consideration received on retirement from a film-production joint venture was held to be revenue income, not a capital receipt. The assessee had entered the arrangement in the ordinary course of its film-production business to acquire and exploit a commercial asset, so termination of that participation did not amount to destruction or abandonment of a capital asset. The restrictive covenant was not shown to be independent of the surrender of rights, and the materials did not support a reliable apportionment between capital and revenue elements. On the facts, the receipt was treated as consideration for surrender of rights in the commercial venture and assessed as business income. en-us Fri, 11 Mar 1960 00:00:00 +0530 Sat, 24 Feb 2018 18:32:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199301 Consideration received on retirement from a film-production joint venture was held to be revenue income, not a capital receipt. The assessee had entered the arrangement in the ordinary course of its film-production business to acquire and exploit a commercial asset, so termination of that participation did not amount to destruction or abandonment of a capital asset. The restrictive covenant was not shown to be independent of the surrender of rights, and the materials did not support a reliable apportionment between capital and revenue elements. On the facts, the receipt was treated as consideration for surrender of rights in the commercial venture and assessed as business income. Case-Laws Income Tax Fri, 11 Mar 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199301