https://www.taxtmi.com/caselaws?id=28991 The Tribunal upheld that the sum of Rs. 40,000 received under a compromise agreement was not a revenue receipt, as it was not classified as interest and did not meet the criteria for taxation. The Department's argument that the amount should be treated as interest based on the agreement's wording was rejected. The Tribunal determined that the sum was likely damages or compensation, not subject to tax. Consequently, the Rs. 40,000 was not included in the assessee's taxable income for the relevant assessment year, ruling in favor of the assessee in the tax liability dispute. en-us Wed, 11 Aug 1982 00:00:00 +0530 Sat, 11 Jun 2016 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28991 The Tribunal upheld that the sum of Rs. 40,000 received under a compromise agreement was not a revenue receipt, as it was not classified as interest and did not meet the criteria for taxation. The Department's argument that the amount should be treated as interest based on the agreement's wording was rejected. The Tribunal determined that the sum was likely damages or compensation, not subject to tax. Consequently, the Rs. 40,000 was not included in the assessee's taxable income for the relevant assessment year, ruling in favor of the assessee in the tax liability dispute. Case-Laws Income Tax Wed, 11 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28991