https://www.taxtmi.com/caselaws?id=60682 A practising barrister who had written only one book was not treated as carrying on the profession of an author, so receipts from the agreement were not assessable as professional income. The agreement was construed as an outright assignment of copyright and sale of goodwill for a lump sum; the consideration was therefore capital in nature and not taxable as revenue income, and the goodwill component was not chargeable as capital gains because there was no cost of acquisition. Section 10(3) could not be invoked to tax capital receipts, as it is not a charging provision. The appellate orders were sustained and the receipts were held outside assessment as professional or taxable revenue income on the facts found. en-us Tue, 08 Jun 1993 00:00:00 +0530 Fri, 07 Jan 2011 15:56:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60682 A practising barrister who had written only one book was not treated as carrying on the profession of an author, so receipts from the agreement were not assessable as professional income. The agreement was construed as an outright assignment of copyright and sale of goodwill for a lump sum; the consideration was therefore capital in nature and not taxable as revenue income, and the goodwill component was not chargeable as capital gains because there was no cost of acquisition. Section 10(3) could not be invoked to tax capital receipts, as it is not a charging provision. The appellate orders were sustained and the receipts were held outside assessment as professional or taxable revenue income on the facts found. Case-Laws Income Tax Tue, 08 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60682