https://www.taxtmi.com/caselaws?id=286313 The commuted value of half of the renewal commission under the agency agreement was held to retain the character of income because it represented the present value of future instalments of commission already accrued and payable over time, even after termination of the agency. The lump sum was not shown to be consideration for ending the agency or compensation for loss of employment, and commutation did not change the nature of the underlying receipt. The HC therefore treated the amount as a revenue receipt, not a capital receipt, and denied exemption on the basis of compensation for loss of employment. en-us Wed, 06 Feb 1957 00:00:00 +0530 Thu, 20 Feb 2020 11:55:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286313 The commuted value of half of the renewal commission under the agency agreement was held to retain the character of income because it represented the present value of future instalments of commission already accrued and payable over time, even after termination of the agency. The lump sum was not shown to be consideration for ending the agency or compensation for loss of employment, and commutation did not change the nature of the underlying receipt. The HC therefore treated the amount as a revenue receipt, not a capital receipt, and denied exemption on the basis of compensation for loss of employment. Case-Laws Income Tax Wed, 06 Feb 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286313