https://www.taxtmi.com/caselaws?id=276472 Where an assessee's business consists in acquiring, holding and disposing of managing agencies, compensation received on voluntary relinquishment of one agency in the ordinary course of that business is a trading receipt. The Calcutta HC treated the payment as arising from a composite commercial arrangement, noting that the managing agency was part of the assessee's ordinary trading operations and not a sterilised capital asset. Because the resignation was voluntary and did not amount to a forced cessation or material impairment of the business structure, the receipt was held to be revenue in nature and assessable to tax. en-us Tue, 01 Aug 1961 00:00:00 +0530 Mon, 12 Nov 2018 16:41:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276472 Where an assessee's business consists in acquiring, holding and disposing of managing agencies, compensation received on voluntary relinquishment of one agency in the ordinary course of that business is a trading receipt. The Calcutta HC treated the payment as arising from a composite commercial arrangement, noting that the managing agency was part of the assessee's ordinary trading operations and not a sterilised capital asset. Because the resignation was voluntary and did not amount to a forced cessation or material impairment of the business structure, the receipt was held to be revenue in nature and assessable to tax. Case-Laws Income Tax Tue, 01 Aug 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276472