https://www.taxtmi.com/caselaws?id=284291 The article addresses whether lump-sum payments under a 1939 agreement for motion-picture rights are revenue or capital. It applies the statutory capacity to assign copyright and distinguishes licences (which preserve ownership and often produce revenue royalties) from assignments (which transfer proprietary rights and commonly yield capital receipts). The transaction was treated as a partial assignment of copyright for a fixed term by a person not carrying on a trade in the asset; the legal substance-transfer of an ownership interest-determined the character. Consequent effect: the sums are capital proceeds, not assessable as annual income under Case VI Schedule D. en-us Fri, 27 Feb 1948 00:00:00 +0530 Mon, 11 Nov 2019 10:23:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284291 The article addresses whether lump-sum payments under a 1939 agreement for motion-picture rights are revenue or capital. It applies the statutory capacity to assign copyright and distinguishes licences (which preserve ownership and often produce revenue royalties) from assignments (which transfer proprietary rights and commonly yield capital receipts). The transaction was treated as a partial assignment of copyright for a fixed term by a person not carrying on a trade in the asset; the legal substance-transfer of an ownership interest-determined the character. Consequent effect: the sums are capital proceeds, not assessable as annual income under Case VI Schedule D. Case-Laws Income Tax Fri, 27 Feb 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284291