https://www.taxtmi.com/caselaws?id=36178 A receipt arising from a cloth-supply transaction and compromise recovery was treated as a trading receipt of the assessee-firm because it was referable to the firm's business activity and was realised during the relevant accounting year. The contention that the firm had already dissolved did not prevent taxation, as the receipt was not attributable to the partners individually and the firm's status for the year had already been treated as that of an unregistered firm. The amount was therefore taxable as the firm's income, and the issue was answered in favour of the revenue. en-us Wed, 22 Nov 1978 00:00:00 +0530 Fri, 19 Mar 2010 17:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36178 A receipt arising from a cloth-supply transaction and compromise recovery was treated as a trading receipt of the assessee-firm because it was referable to the firm's business activity and was realised during the relevant accounting year. The contention that the firm had already dissolved did not prevent taxation, as the receipt was not attributable to the partners individually and the firm's status for the year had already been treated as that of an unregistered firm. The amount was therefore taxable as the firm's income, and the issue was answered in favour of the revenue. Case-Laws Income Tax Wed, 22 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36178