https://www.taxtmi.com/caselaws?id=20499 Mesne profits received for wrongful possession were treated as damages for deprivation of property use and, on the facts, as a capital receipt rather than revenue income. The amount was therefore not taxable as ordinary income. The same sum also could not be assessed as capital gains because capital gains taxation requires a transfer of a capital asset and a computable cost of acquisition; expenses incurred to secure judicial recognition of rights, such as stamp duty and legal fees, did not constitute such cost. The receipt was accordingly outside capital gains taxation. en-us Mon, 18 Jan 1993 00:00:00 +0530 Sat, 14 Nov 2009 13:04:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20499 Mesne profits received for wrongful possession were treated as damages for deprivation of property use and, on the facts, as a capital receipt rather than revenue income. The amount was therefore not taxable as ordinary income. The same sum also could not be assessed as capital gains because capital gains taxation requires a transfer of a capital asset and a computable cost of acquisition; expenses incurred to secure judicial recognition of rights, such as stamp duty and legal fees, did not constitute such cost. The receipt was accordingly outside capital gains taxation. Case-Laws Income Tax Mon, 18 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20499