Godrej & Co. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1959-08-04 AY: 1948-49 Section: 4(1), 5, 2(24) Acts: Indian Income Tax Act (pre-1961), Indian Companies Act 1913 Result: Assessee Citation: (1959) 37 ITR 381 (SC) Justices: S.R. Das, C.J.; Bhagwati & Hidayatullah, JJ. Appeal No: Civil Appeal No. 183 of 1956
Whether a lump sum payment received by a managing agent as compensation for agreeing to reduce future remuneration constitutes a capital receipt or revenue receipt --- Held: Capital receipt.

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