https://www.taxtmi.com/caselaws?id=276649 War damage compensation received in substitution for destroyed trading assets was treated as a trading receipt and taxed because the underlying loss had already been allowed as a business loss under the special relief scheme; the fact that the assets were not written off in the books did not preserve any capital value. Replantation dividend receipts were also held taxable, the point being governed by an earlier ruling under the same statutory scheme that had treated such receipts as assessable income rather than capital receipts. Both amounts were therefore characterised as revenue in nature and assessable to tax. en-us Mon, 13 Aug 1962 00:00:00 +0530 Thu, 15 Nov 2018 11:52:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276649 War damage compensation received in substitution for destroyed trading assets was treated as a trading receipt and taxed because the underlying loss had already been allowed as a business loss under the special relief scheme; the fact that the assets were not written off in the books did not preserve any capital value. Replantation dividend receipts were also held taxable, the point being governed by an earlier ruling under the same statutory scheme that had treated such receipts as assessable income rather than capital receipts. Both amounts were therefore characterised as revenue in nature and assessable to tax. Case-Laws Income Tax Mon, 13 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276649