Income And Capital

Prospecting licence taken and colliery sold after prospecting Profit whether capital or income.

Income And Capital Income or capital-Sale of trade marks in consideration of fixed monthly payment for lifetime of vendor-Monthly payments whether income or capital in hands' of vendor-Indian Income-tax Act, 1922, S. 12.

Income And Capital Termination of partnership – Amount paid to retiring partner-Whether compensation for relinquishment of rights or income-Assessability-Firm-Rectification of partner's assessment after assessment of firm-Limitation-Indian Income-tax Act, 1922, Ss. 26(1), (2) & 35(5).

Compensation received for wrongful termination of managing agency-Whether capital receipt or revenue receipt-Managing agency contracts, nature of.

Income And Capital Income or capital-Jute Mill-Agreement for control of production-Allotment of loom hours-Transfer of surplus loom hours to another mill-Consideration-Whether income-Whether casual receipts-Indian Income-tax Act, 1922, Ss. 3 & 4(4)(vii)[Maheshwari Devi Jute Mills v. Commissioner of Income-tax (I. T. Misc. Case No. 177 of 1960) dated September 13, 1962 overruled.]

Income or capital-Compulsory acquisition of land-Possession taken over by Collector - Interest on compensation awarded -Whether income or capital - Indian Income-tax Act, 1922, Ss. 3 & 4 -Land Acquisition Act, 1894, S. 34-[Behari Lal Bhargava v. Commissioner of Income-tax (1941) 9 I T R 9 overruled.]

Coffee estate-Portions of jungle cleared and trees sold-Sale proceeds whether income.

Money remitted to America and income earned there retained in America for purposes of purchase of capital goods-Devaluation-Impossibility of purchasing capital goods-Sale of foreign exchange-Profit whether income or capital.