https://www.taxtmi.com/caselaws?id=49573 Compensation paid for compulsory vacation of business premises was treated as a revenue receipt because it was linked to disturbance of trading activity and loss of profits during the period the business remained stopped. No loss of goodwill or injury to a capital asset was claimed or proved, so the payment was not referable to diminution of the profit-making apparatus. The receipt was therefore taxable as business income and was not exempt under section 4(3)(vii) of the Income-tax Act, with the questions answered in favour of the Revenue. en-us Tue, 08 Mar 1960 00:00:00 +0530 Wed, 03 Sep 2014 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49573 Compensation paid for compulsory vacation of business premises was treated as a revenue receipt because it was linked to disturbance of trading activity and loss of profits during the period the business remained stopped. No loss of goodwill or injury to a capital asset was claimed or proved, so the payment was not referable to diminution of the profit-making apparatus. The receipt was therefore taxable as business income and was not exempt under section 4(3)(vii) of the Income-tax Act, with the questions answered in favour of the Revenue. Case-Laws Income Tax Tue, 08 Mar 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49573