https://www.taxtmi.com/caselaws?id=26114 The High Court of Calcutta determined that a sum of Rs. 1 lakh received as damages for non-performance of an agreement was neither a revenue receipt nor a capital gain. The Court held that as there was no transfer of a capital asset as per the Income-tax Act, 1961, and the amount did not meet the criteria of a capital asset, it did not fall under the categories of capital gain or revenue receipt. The judgment favored the assessee, with no order as to costs. en-us Mon, 06 Jan 1986 00:00:00 +0530 Fri, 24 Apr 2015 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26114 The High Court of Calcutta determined that a sum of Rs. 1 lakh received as damages for non-performance of an agreement was neither a revenue receipt nor a capital gain. The Court held that as there was no transfer of a capital asset as per the Income-tax Act, 1961, and the amount did not meet the criteria of a capital asset, it did not fall under the categories of capital gain or revenue receipt. The judgment favored the assessee, with no order as to costs. Case-Laws Income Tax Mon, 06 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26114