https://www.taxtmi.com/caselaws?id=25173 The High Court of Madras ruled in a tax case involving the classification of a payment received by a public limited company from the termination of an agency agreement. The court held that the compensation received was for the termination of the agency, falling under section 28(ii)(c) of the Income-tax Act. It dismissed the argument that the agency should relate to the business of a living person, clarifying that a company is considered a "person" under the Act. As the payment clearly fell under section 28(ii)(c), the court ruled in favor of the Revenue, directing the assessee to bear the costs. en-us Mon, 15 Feb 1988 00:00:00 +0530 Mon, 25 Jan 2010 17:30:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25173 The High Court of Madras ruled in a tax case involving the classification of a payment received by a public limited company from the termination of an agency agreement. The court held that the compensation received was for the termination of the agency, falling under section 28(ii)(c) of the Income-tax Act. It dismissed the argument that the agency should relate to the business of a living person, clarifying that a company is considered a "person" under the Act. As the payment clearly fell under section 28(ii)(c), the court ruled in favor of the Revenue, directing the assessee to bear the costs. Case-Laws Income Tax Mon, 15 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25173