https://www.taxtmi.com/caselaws?id=20498 The High Court determined that the amount of Rs. 93,450 received by the assessee was a revenue receipt assessable under the head "Business" under section 28 of the Income-tax Act, 1961. The court rejected the assessee's claim that it was a capital receipt, emphasizing that the amount was related to the disposal of stock-in-trade (tractors) and did not impact the profit-making apparatus. The court upheld the decisions of the lower authorities, distinguishing the case from cited precedents and affirming the taxability of the amount as a revenue receipt. en-us Tue, 02 Mar 1993 00:00:00 +0530 Sat, 14 Nov 2009 13:00:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20498 The High Court determined that the amount of Rs. 93,450 received by the assessee was a revenue receipt assessable under the head "Business" under section 28 of the Income-tax Act, 1961. The court rejected the assessee's claim that it was a capital receipt, emphasizing that the amount was related to the disposal of stock-in-trade (tractors) and did not impact the profit-making apparatus. The court upheld the decisions of the lower authorities, distinguishing the case from cited precedents and affirming the taxability of the amount as a revenue receipt. Case-Laws Income Tax Tue, 02 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20498