https://www.taxtmi.com/caselaws?id=465238 Whether a large receipt constituted taxable income and whether it must be included in book profits were assessed; the court held both questions resolved by binding Supreme Court precedent and therefore declined interference with the Tribunal's deletion of the addition. On taxability the court applied the precedent on characterization of similar receipts and ruled in favour of the assessee. On inclusion in book profits the court applied the Supreme Court's approach to Schedule VI adjustments for computing book profits and ruled that the receipt need not be included. Remaining framed questions were admitted for further consideration. en-us Wed, 25 Jul 2018 00:00:00 +0530 Thu, 11 Dec 2025 10:10:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465238 Whether a large receipt constituted taxable income and whether it must be included in book profits were assessed; the court held both questions resolved by binding Supreme Court precedent and therefore declined interference with the Tribunal's deletion of the addition. On taxability the court applied the precedent on characterization of similar receipts and ruled in favour of the assessee. On inclusion in book profits the court applied the Supreme Court's approach to Schedule VI adjustments for computing book profits and ruled that the receipt need not be included. Remaining framed questions were admitted for further consideration. Case-Laws Income Tax Wed, 25 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465238