https://www.taxtmi.com/caselaws?id=28752 A receipt collected by an insurance agent in a fiduciary capacity for the principal was not taxable as the assessee's income, and a later unilateral transfer to the profit and loss account did not change its character. Legal expenses incurred for a proposed amalgamation were capital expenditure because they related to a basic alteration of the business structure and the profit-earning apparatus, even though the proposal failed. Enhancement under section 144B(4) could not extend beyond matters covered by the draft assessment order, so any excess enhancement was invalid. en-us Tue, 11 May 1982 00:00:00 +0530 Thu, 25 Feb 2010 14:51:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28752 A receipt collected by an insurance agent in a fiduciary capacity for the principal was not taxable as the assessee's income, and a later unilateral transfer to the profit and loss account did not change its character. Legal expenses incurred for a proposed amalgamation were capital expenditure because they related to a basic alteration of the business structure and the profit-earning apparatus, even though the proposal failed. Enhancement under section 144B(4) could not extend beyond matters covered by the draft assessment order, so any excess enhancement was invalid. Case-Laws Income Tax Tue, 11 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28752