https://www.taxtmi.com/caselaws?id=49382 The Supreme Court dismissed the appeals, affirming that the compensation received was income and taxable. The termination of the agency did not constitute the destruction of a capital asset, and no part of the compensation was for refraining from competitive business. The compensation was deemed to be for the loss of profits, a regular business incident. The court upheld the High Court's decision, concluding that the appellant's diverse business operations were not significantly impacted by the termination. en-us Fri, 01 May 1964 00:00:00 +0530 Fri, 22 Aug 2014 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49382 The Supreme Court dismissed the appeals, affirming that the compensation received was income and taxable. The termination of the agency did not constitute the destruction of a capital asset, and no part of the compensation was for refraining from competitive business. The compensation was deemed to be for the loss of profits, a regular business incident. The court upheld the High Court's decision, concluding that the appellant's diverse business operations were not significantly impacted by the termination. Case-Laws Income Tax Fri, 01 May 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49382