https://www.taxtmi.com/caselaws?id=289412 Monthly payments made under a settlement terminating employment were treated as compensation for loss of employment, not revenue income or profit in lieu of salary. The court held that the existence of ancillary restrictive covenants and payment by instalments did not convert the receipts into remuneration for past services, because the employment had ended and the sums were accepted only as a mode of discharge. Accordingly, the receipts were not assessable to tax as revenue receipts under the 1922 Income-tax Act. en-us Tue, 18 Oct 1960 00:00:00 +0530 Wed, 29 Jul 2020 15:39:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289412 Monthly payments made under a settlement terminating employment were treated as compensation for loss of employment, not revenue income or profit in lieu of salary. The court held that the existence of ancillary restrictive covenants and payment by instalments did not convert the receipts into remuneration for past services, because the employment had ended and the sums were accepted only as a mode of discharge. Accordingly, the receipts were not assessable to tax as revenue receipts under the 1922 Income-tax Act. Case-Laws Income Tax Tue, 18 Oct 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289412