https://www.taxtmi.com/caselaws?id=49430 A lump sum received under an amended partnership arrangement was treated as revenue because it represented the capitalised value of future trading profits from steel supplies, not consideration for transfer of a capital asset or underlying quota right. The payment was made in substitution for recurring profits that would otherwise have arisen from future supplies, and describing it as goodwill did not change its true character. The income-tax assessment on the amount was therefore upheld as chargeable to tax. en-us Thu, 03 May 1962 00:00:00 +0530 Wed, 27 Aug 2014 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49430 A lump sum received under an amended partnership arrangement was treated as revenue because it represented the capitalised value of future trading profits from steel supplies, not consideration for transfer of a capital asset or underlying quota right. The payment was made in substitution for recurring profits that would otherwise have arisen from future supplies, and describing it as goodwill did not change its true character. The income-tax assessment on the amount was therefore upheld as chargeable to tax. Case-Laws Income Tax Thu, 03 May 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49430