https://www.taxtmi.com/caselaws?id=27171 The High Court held in favor of the Revenue, determining that the receipt of Rs. 11,82,520 by the assessee was an ordinary trading receipt taxable under section 28 of the Income-tax Act for the assessment year 1973-74. The Court found that the assessee was actively carrying on business during the relevant accounting year, distinguishing the case from precedents where business activities had ceased. Despite delays in recovery efforts, the nature of the receipt remained unchanged, leading to its classification as a taxable trading receipt. en-us Thu, 12 Sep 1985 00:00:00 +0530 Thu, 11 Feb 2010 12:33:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27171 The High Court held in favor of the Revenue, determining that the receipt of Rs. 11,82,520 by the assessee was an ordinary trading receipt taxable under section 28 of the Income-tax Act for the assessment year 1973-74. The Court found that the assessee was actively carrying on business during the relevant accounting year, distinguishing the case from precedents where business activities had ceased. Despite delays in recovery efforts, the nature of the receipt remained unchanged, leading to its classification as a taxable trading receipt. Case-Laws Income Tax Thu, 12 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27171