https://www.taxtmi.com/caselaws?id=49535 Short-term prospecting licence payments for bauxite were treated as capital receipts because the licences conferred a sole and exclusive right to enter, prospect, mine, quarry, bore, dig, prove and remove bauxite, subject only to limited sampling and protective obligations. The consideration was for parting with a substantive right in the capital asset itself, not for periodic use of the asset. On that basis, the receipts were characterised as salami or premium on capital account and were not taxable as revenue receipts. en-us Wed, 30 Nov 1960 00:00:00 +0530 Mon, 01 Sep 2014 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49535 Short-term prospecting licence payments for bauxite were treated as capital receipts because the licences conferred a sole and exclusive right to enter, prospect, mine, quarry, bore, dig, prove and remove bauxite, subject only to limited sampling and protective obligations. The consideration was for parting with a substantive right in the capital asset itself, not for periodic use of the asset. On that basis, the receipts were characterised as salami or premium on capital account and were not taxable as revenue receipts. Case-Laws Income Tax Wed, 30 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49535