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Supreme Court: Income to be Classified ‘Revenue Receipt’ on Grounds that Post in Trust not Lifetime - (19 Dec 2019)

DIRECT TAXATION

Supreme Court has observed on the basis of statement-admission by the Appellant that he was holding the impugned post in the Trust until 1996 by virtue of which the amount was received and same was to be treated as revenue receipt. Hence it was concluded that the question of Appellant invoking the principle of the capital asset does not arise.

Tags : SUPREME COURT   REVENUE RECEIPT  

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