Gillanders Arbuthnot & Co. Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1964-05-01 AY: 1949-50, 1950-51, 1951-52 Section: 4, 5 Acts: Indian Income Tax Act, 1922 Result: Revenue Citation: (1964) 53 ITR 283 (SC) Justices: K. Subba Rao, J.C. Shah & S.M. Sikri, JJ. Appeal No: Civil Appeal Nos. 825 to 828 of 1963
Whether compensation received for termination of a sole agency agreement constitutes capital receipt or revenue income --- Held: Revenue income. Whether the agency constituted a separate business whose termination destroyed a capital asset --- Held: No. Whether part of compensation was for agreeing not to carry on competitive business --- Held: No.

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