https://www.taxtmi.com/caselaws?id=289617 Consideration received for a five-year lease of land for digging earth and manufacturing bricks was characterised by examining the true nature of the transaction, not its lump-sum form. Where an arrangement transfers rights in a capital asset, the receipt is capital; where it is only payment for use of property, it is revenue. Because the lessee obtained extensive rights to enter and remain in possession, dig and appropriate earth, set up and work a kiln, and sell bricks for a fixed term, the arrangement was treated as a transfer of rights in a capital asset. The sum of Rs. 6,000 was therefore a capital receipt, not a revenue receipt. en-us Fri, 24 Aug 1962 00:00:00 +0530 Sat, 08 Aug 2020 14:02:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289617 Consideration received for a five-year lease of land for digging earth and manufacturing bricks was characterised by examining the true nature of the transaction, not its lump-sum form. Where an arrangement transfers rights in a capital asset, the receipt is capital; where it is only payment for use of property, it is revenue. Because the lessee obtained extensive rights to enter and remain in possession, dig and appropriate earth, set up and work a kiln, and sell bricks for a fixed term, the arrangement was treated as a transfer of rights in a capital asset. The sum of Rs. 6,000 was therefore a capital receipt, not a revenue receipt. Case-Laws Income Tax Fri, 24 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289617