https://www.taxtmi.com/caselaws?id=276826 The High Court held that the Rs. 60,000 lump sum payment received by the assessee in exchange for waiving royalty on steel supply was a revenue receipt and subject to tax. The Court determined that the modification in the partnership agreement did not transfer quota rights and merely changed the payment method without altering the transaction's nature. Consequently, the Court ruled in favor of the Commissioner of Income-tax, affirming the taxability of the amount. en-us Wed, 01 Jul 1959 00:00:00 +0530 Mon, 19 Nov 2018 10:31:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276826 The High Court held that the Rs. 60,000 lump sum payment received by the assessee in exchange for waiving royalty on steel supply was a revenue receipt and subject to tax. The Court determined that the modification in the partnership agreement did not transfer quota rights and merely changed the payment method without altering the transaction's nature. Consequently, the Court ruled in favor of the Commissioner of Income-tax, affirming the taxability of the amount. Case-Laws Income Tax Wed, 01 Jul 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276826