[aaykarbhavan] Sum received on termination of agency’s term is a capital receipt as it puts an end to income earning apparatus

 

Sum received on termination of agency's term is a capital receipt as it puts an end to income earning apparatus

July 26, 2014[2014] 46 taxmann.com 215 (Calcutta)

IT : Where Assessee entered into an agreement with a German company in India for producing and selling products of said foreign Company in India for a specific period and after expiry of period of agreement, foreign company made gratuitous payment to assessee for issuing a NOC for setting up its subsidiary company in India, said amount being capital receipt in hands of assessee, could not be brought to tax

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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