https://www.taxtmi.com/caselaws?id=276529 Material on record supported the finding that the assessee had no real basis for saying it intended to buy the mills, given its financial incapacity, the involvement of other professionals, the eventual purchase by another group, and the absence of contemporaneous written evidence. The receipt was also held to be taxable as revenue income: the assessee had treated it as brokerage and commission, part of the sum was paid as remuneration, and the payment was made to buy off competition in a commercial transaction involving offer, bargaining, and acceptance. It was therefore an adventure in the nature of trade, not a casual and non-recurring capital receipt exempt under section 4(3)(vii). en-us Mon, 11 Mar 1963 00:00:00 +0530 Tue, 13 Nov 2018 13:08:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276529 Material on record supported the finding that the assessee had no real basis for saying it intended to buy the mills, given its financial incapacity, the involvement of other professionals, the eventual purchase by another group, and the absence of contemporaneous written evidence. The receipt was also held to be taxable as revenue income: the assessee had treated it as brokerage and commission, part of the sum was paid as remuneration, and the payment was made to buy off competition in a commercial transaction involving offer, bargaining, and acceptance. It was therefore an adventure in the nature of trade, not a casual and non-recurring capital receipt exempt under section 4(3)(vii). Case-Laws Income Tax Mon, 11 Mar 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276529