https://www.taxtmi.com/caselaws?id=12493 A receipt arising from contractual work carried out in the course of business retains its revenue character even if quantified through an arbitration award. The award merely fixed the amount payable for work already executed and did not transform the sum into a capital receipt. A transfer of the receipt under a settlement deed likewise did not make it a mere application of income, because the underlying source remained business work completed under the contract. The amount was therefore taxable as income in the assessee's hands. en-us Mon, 24 Jun 2002 00:00:00 +0530 Tue, 02 Mar 2010 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12493 A receipt arising from contractual work carried out in the course of business retains its revenue character even if quantified through an arbitration award. The award merely fixed the amount payable for work already executed and did not transform the sum into a capital receipt. A transfer of the receipt under a settlement deed likewise did not make it a mere application of income, because the underlying source remained business work completed under the contract. The amount was therefore taxable as income in the assessee's hands. Case-Laws Income Tax Mon, 24 Jun 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12493