Assessment of interim compensation paid to life insurance concerns on nationalisation.

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..... ssessment of interim compensation paid to life insurance concerns on nationalisation. 2. The Delhi High Court in their Judgment dated the 21st August, 1970 in the case of Lakshmi Insurance Co. (P) Ltd. Vs. Commissioner of Income-tax New Delhi (80 ITR 575) have taken a stand at variance with the Board's above-noted instructions and held that the relevant interim compensation was not a revenue rec .....

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..... n from the Ministry of Works which was computed by reference to the expectation which if possession had not been taken, the company would have had of deriving a profit from such working. In that case the Court, referred to the decision in Glenboid Union Fire Clay Co. V.I.R.C. (12 T.C. 427) where compensation was paid because the assessee was forbidden to work fire clay under the railway lines and .....

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..... t business but to make it more profitable and hence the receipt in lieu thereof is a revenue receipt. 3. Any favourable or adverse decisions of appellate authorities from Tribunal above, if available, or as and when they may be available in future, may be brought to the notice of the Board. 4. The Officers in the charge including the Authorised Representatives may please be apprised of the pos .....

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