https://www.taxtmi.com/caselaws?id=21043 The court ruled in favor of the Revenue on both questions presented in the case. Firstly, the court determined that an appeal against the charge of penal interest was not competent. Secondly, the court held that the sum of Rs. 1,00,000 received by the assessee-company for the assignment of a contract was taxable as a revenue receipt, not exempt as a capital receipt. The court based its decision on various precedents and concluded that the amount received did not alter the company's trading structure and was part of its normal business activities, thus classifying it as a revenue receipt. en-us Fri, 19 Feb 1993 00:00:00 +0530 Wed, 18 Nov 2009 17:29:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21043 The court ruled in favor of the Revenue on both questions presented in the case. Firstly, the court determined that an appeal against the charge of penal interest was not competent. Secondly, the court held that the sum of Rs. 1,00,000 received by the assessee-company for the assignment of a contract was taxable as a revenue receipt, not exempt as a capital receipt. The court based its decision on various precedents and concluded that the amount received did not alter the company's trading structure and was part of its normal business activities, thus classifying it as a revenue receipt. Case-Laws Income Tax Fri, 19 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21043