https://www.taxtmi.com/caselaws?id=22030 The court determined that the sum of Rs. 3 lakhs received by the assessee from the Gujarat Mineral Development Corporation was a revenue receipt liable to tax. It was not considered a capital receipt as it did not involve acquiring an enduring capital asset or impair the trading structure. Additionally, the receipt was not deemed casual as it stemmed from a business agreement and was directly linked to the assessee's business activities. Therefore, the court ruled in favor of the Revenue, concluding that the amount was taxable under the Income-tax Act, 1961. en-us Mon, 10 Jun 1991 00:00:00 +0530 Sat, 05 Dec 2009 15:59:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22030 The court determined that the sum of Rs. 3 lakhs received by the assessee from the Gujarat Mineral Development Corporation was a revenue receipt liable to tax. It was not considered a capital receipt as it did not involve acquiring an enduring capital asset or impair the trading structure. Additionally, the receipt was not deemed casual as it stemmed from a business agreement and was directly linked to the assessee's business activities. Therefore, the court ruled in favor of the Revenue, concluding that the amount was taxable under the Income-tax Act, 1961. Case-Laws Income Tax Mon, 10 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22030