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The Commissioner Of Income-Tax And ... vs The South Indian Pictures Ltd., ... on 26 September, 1951 cites

The Commissioner Of Income Tax vs Shaw, Wallace And Co. on 14 March, 1932

3. The next line of argument adopted on behalf of the Income-tax Commissioner is that the receipt in the present case is in the nature of a casual receipt and is not really income and that was the basis of the judgment also of the judicial Committee. Even here, it is difficult to accept the contention. All that the Judicial Committee pointed out in that case was that the receipt in question had no connection with the business which was terminated by the oil companies. It was, therefore, in the nature of some sort of solatium paid for the compulsory termination of the agreements. It is unnecessary to describe such a receipt under any particular label, whether it was a capital receipt or whether it was casual receipt so long as it is not a profit, or gain from the business which the asses-Bee carried on, but was outside it. If the department claims to exercise the right of taxing the particular receipt, it must be established that the receipt in question is income, profit or gains falling under any of the heads of the income mentioned in Section 6 of the Act. If it does not fall under any of these heads, the receipt is not taxable and would not be a revenue receipt, for the purpose of income-tax. It may be casual receipt, or capital receipt. It is unnecessary to express any opinion on the question whether it falls under the one bead or the other so long as it is not income, profit or gains which is taxable under Section 10(1) of the Income-tax Act.
Bombay High Court Cites 8 - Cited by 167 - Full Document
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