1986 (1) TMI 23

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..... rcumstances of the case, the Tribunal was right in law in holding that the sum of Rs. 1 lakh received by the assessee as damages from New Central jute Mills Ltd. for non-performance of the agreement is neither a revenue receipt nor a short-term capital gain ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal misdirected itself in law in holding that a sum of Rs. 1 lakh .....

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..... not possible on the part of the assessee to purchase the property. For this transaction, the assessee did not have to part with any money or any stock-in-trade. There was no cost involved in the acquisition of the sum of Rs. 1 lakh. Hence, it could not be deemed to be a capital gain at all. The liability of an assessee could arise only if there would have been a transfer of a capital asset and sin .....

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