https://www.taxtmi.com/caselaws?id=18278 The High Court held that the forfeited deposit of Rs. 20,000 by the assessee did not constitute business income and was not taxable under section 10(3) of the Income-tax Act. The court determined that the amount was related to the sale of a capital asset and not part of the assessee's business operations. Therefore, the court ruled in favor of the assessee, rejecting the Department's arguments that the amount should be treated as revenue receipt earned during the course of business. en-us Wed, 07 Feb 1996 00:00:00 +0530 Tue, 29 Sep 2009 18:25:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18278 The High Court held that the forfeited deposit of Rs. 20,000 by the assessee did not constitute business income and was not taxable under section 10(3) of the Income-tax Act. The court determined that the amount was related to the sale of a capital asset and not part of the assessee's business operations. Therefore, the court ruled in favor of the assessee, rejecting the Department's arguments that the amount should be treated as revenue receipt earned during the course of business. Case-Laws Income Tax Wed, 07 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18278