https://www.taxtmi.com/caselaws?id=277173 The court ruled that the sum of Rs. 2,50,000 received by the assessee as damages for the premature termination of a contract was a capital receipt and not assessable as income under the Indian Income-tax Act. Therefore, the sum was not liable to excess profits tax, and the second question regarding the application of Rule 9 of Schedule 1 of the Excess Profits Tax Act became irrelevant. The assessee prevailed in the case, with costs awarded in favor of the assessee. en-us Fri, 21 Apr 1950 00:00:00 +0530 Tue, 27 Nov 2018 18:19:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277173 The court ruled that the sum of Rs. 2,50,000 received by the assessee as damages for the premature termination of a contract was a capital receipt and not assessable as income under the Indian Income-tax Act. Therefore, the sum was not liable to excess profits tax, and the second question regarding the application of Rule 9 of Schedule 1 of the Excess Profits Tax Act became irrelevant. The assessee prevailed in the case, with costs awarded in favor of the assessee. Case-Laws Income Tax Fri, 21 Apr 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277173