https://www.taxtmi.com/caselaws?id=49381 Payment on relinquishment of a managing agency was characterised by reference to whether it compensated loss of an enduring capital asset or was profit in the ordinary course; applying the enduring-asset test and authorities distinguishing cancellations that impair the profit-making structure from routine business incidents, the payment made as part of an integrated scheme (including share sale and debt discharge) effected surrender of agency rights of enduring value. Operatively, the receipt was held to be a capital receipt and not assessable as revenue. en-us Fri, 01 May 1964 00:00:00 +0530 Mon, 20 Oct 2014 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49381 Payment on relinquishment of a managing agency was characterised by reference to whether it compensated loss of an enduring capital asset or was profit in the ordinary course; applying the enduring-asset test and authorities distinguishing cancellations that impair the profit-making structure from routine business incidents, the payment made as part of an integrated scheme (including share sale and debt discharge) effected surrender of agency rights of enduring value. Operatively, the receipt was held to be a capital receipt and not assessable as revenue. Case-Laws Income Tax Fri, 01 May 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49381