https://www.taxtmi.com/caselaws?id=15116 The High Court determined that the sum received by the assessee from the power of attorney holder was a revenue receipt, not a capital receipt. Despite the initial misappropriation by the power of attorney holder, the court found that the amount was akin to what the assessee would have received if in control of the company, thus classifying it as a revenue receipt. The court rejected the argument that the receipt was capital due to the transfer of company ownership without consideration. The Revenue was awarded costs of Rs. 1,000, and the court ruled in favor of the Revenue. en-us Tue, 21 Apr 1998 00:00:00 +0530 Mon, 03 Aug 2009 11:38:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15116 The High Court determined that the sum received by the assessee from the power of attorney holder was a revenue receipt, not a capital receipt. Despite the initial misappropriation by the power of attorney holder, the court found that the amount was akin to what the assessee would have received if in control of the company, thus classifying it as a revenue receipt. The court rejected the argument that the receipt was capital due to the transfer of company ownership without consideration. The Revenue was awarded costs of Rs. 1,000, and the court ruled in favor of the Revenue. Case-Laws Income Tax Tue, 21 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15116