Supreme Court · 1971 INSC 275 · Decided 6 October 1971
J. & K., Himachal Pradesh v. Prabhu Dayal
- Court
- Supreme Court of India
- Citation
- 1971 INSC 275 · [1972] 1 S.C.R. 991
- Case number
- CIVIL APPEAL No. 1693/1968
- Decided
- 6 October 1971
- Bench
- K.S. HEGDE, A.N. GROVER, HANS RAJ KHANNA (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 66(1)
Headnote
J. & K., ffiMACHAL PRADESH v. PRABHU DAYAL October 6, 1971 9.91 [K. s. HEGDE, A. N. GROVER AND H. R. KHANNA, JJ.] Jncome-ttU-Cc.pital or R.evenue-Co1}1pensation for giving HI' a capital asset is capital receipt. The assessee was instrumental in discovering the existence of Kankar deposits in and exclu­ sive monopoly rights of manufacturing cement in the State. The agree­ ment was entered into an April 2, 1938 and was to remain operative initially for a period of 25 years which could be extended to 100 years at the option of S. The latter transferred his rights to a public
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