https://www.taxtmi.com/caselaws?id=25066 A perpetual annuity payable under section 5(1) of the Sreepadam Lands Enfranchisement Act, 1969, in exchange for extinguishment of rights in land, was treated as a revenue receipt because it was a continuing annual payment rather than a capital sum paid by instalments; it was taxable in the assessee's hands. A power of attorney authorising another person to collect the statutory amount did not divert income at source because the amount had already accrued to the assessee under the statute, and the authorised collection was only an application of income. The statutory annuity and the amount collected were therefore assessable as income. en-us Wed, 18 Nov 1987 00:00:00 +0530 Mon, 25 Jan 2010 11:35:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25066 A perpetual annuity payable under section 5(1) of the Sreepadam Lands Enfranchisement Act, 1969, in exchange for extinguishment of rights in land, was treated as a revenue receipt because it was a continuing annual payment rather than a capital sum paid by instalments; it was taxable in the assessee's hands. A power of attorney authorising another person to collect the statutory amount did not divert income at source because the amount had already accrued to the assessee under the statute, and the authorised collection was only an application of income. The statutory annuity and the amount collected were therefore assessable as income. Case-Laws Income Tax Wed, 18 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25066