1986 (1) TMI 23

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....estions that arise for decision are : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the sum of Rs. 1 lakh received by the assessee as damages from New Central jute Mills Ltd. for non-performance of the agreement is neither a revenue receipt nor a short-term capital gain ? 2. Whether, on the facts and in the circumstances of the....

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....le and there having been a prior mortgage with the Uttar Pradesh Government, it was not possible on the part of the assessee to purchase the property. For this transaction, the assessee did not have to part with any money or any stock-in-trade. There was no cost involved in the acquisition of the sum of Rs. 1 lakh. Hence, it could not be deemed to be a capital gain at all. The liability of an asse....