https://www.taxtmi.com/caselaws?id=290522 Compensation received for termination of a managing agency was treated as a business receipt because it arose in the course of the assessee company's managing agency business. The fact that the payment was described as compensation for loss of office did not prevent it from falling within the statutory description of income arising from business under Section 4(3)(vii) of the Income-tax Act, 1922. The Court distinguished English authorities based on perquisites of office and noted that the amount would otherwise fall within the charging provisions. The exemption therefore did not apply, and the receipt remained taxable. en-us Wed, 16 May 1928 00:00:00 +0530 Sat, 03 Oct 2020 12:53:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290522 Compensation received for termination of a managing agency was treated as a business receipt because it arose in the course of the assessee company's managing agency business. The fact that the payment was described as compensation for loss of office did not prevent it from falling within the statutory description of income arising from business under Section 4(3)(vii) of the Income-tax Act, 1922. The Court distinguished English authorities based on perquisites of office and noted that the amount would otherwise fall within the charging provisions. The exemption therefore did not apply, and the receipt remained taxable. Case-Laws Income Tax Wed, 16 May 1928 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290522