https://www.taxtmi.com/caselaws?id=39638 The case involved determining the taxability of compensation received by the assessee for delayed and defective machinery. The Appellate Assistant Commissioner and Tribunal considered the compensation as a capital receipt due to the timing of receipt under the mercantile system of accountancy. The High Court did not provide a conclusive decision as the Tribunal did not address whether the amount was a capital or revenue receipt, leading to the High Court returning the reference unanswered, with each party bearing their own costs. en-us Tue, 09 Jul 1974 00:00:00 +0530 Mon, 19 Apr 2010 12:26:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39638 The case involved determining the taxability of compensation received by the assessee for delayed and defective machinery. The Appellate Assistant Commissioner and Tribunal considered the compensation as a capital receipt due to the timing of receipt under the mercantile system of accountancy. The High Court did not provide a conclusive decision as the Tribunal did not address whether the amount was a capital or revenue receipt, leading to the High Court returning the reference unanswered, with each party bearing their own costs. Case-Laws Income Tax Tue, 09 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39638