https://www.taxtmi.com/caselaws?id=276892 Compensation replacing destroyed trading stock or circulating capital is prima facie a trading receipt taxable as part of profits unless the statute clearly provides a different tax character. A property-dealing company's war damage value payment was treated as relating to stock-in-trade, and the war damage scheme did not expressly convert that receipt into capital in the trader's hands. The court refused to infer a wider exemption from the legislation, and the value payment was therefore chargeable as income rather than a capital sum. en-us Thu, 06 Dec 1956 00:00:00 +0530 Tue, 20 Nov 2018 10:05:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276892 Compensation replacing destroyed trading stock or circulating capital is prima facie a trading receipt taxable as part of profits unless the statute clearly provides a different tax character. A property-dealing company's war damage value payment was treated as relating to stock-in-trade, and the war damage scheme did not expressly convert that receipt into capital in the trader's hands. The court refused to infer a wider exemption from the legislation, and the value payment was therefore chargeable as income rather than a capital sum. Case-Laws Income Tax Thu, 06 Dec 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276892