https://www.taxtmi.com/caselaws?id=60488 The Tribunal ruled in favor of the assessee regarding the taxability of a Rs. 10 lakh receipt on the transfer of a letter of intent for white cement manufacturing. The Tribunal determined that the receipt constituted a capital receipt, not business income, as the assessee was not engaged in the business of dealing in such transactions. The decision was based on the nature of the transaction and lack of evidence showing prior business activities related to letters of intent, distinguishing it from cited precedents. The appeal was partially allowed in favor of the assessee. en-us Mon, 02 Jan 1995 00:00:00 +0530 Wed, 05 Jan 2011 15:36:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60488 The Tribunal ruled in favor of the assessee regarding the taxability of a Rs. 10 lakh receipt on the transfer of a letter of intent for white cement manufacturing. The Tribunal determined that the receipt constituted a capital receipt, not business income, as the assessee was not engaged in the business of dealing in such transactions. The decision was based on the nature of the transaction and lack of evidence showing prior business activities related to letters of intent, distinguishing it from cited precedents. The appeal was partially allowed in favor of the assessee. Case-Laws Income Tax Mon, 02 Jan 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60488