Sum received for relinquishing secretaryship of educational society can’t be held as capital receipt: SC

INCOME TAX: Sum received by assessee for relinquishing secretaryship of an educational society could not be treated as capital receipt since in forgoing secretaryship, there was no capital asset which had been transferred by assessee . It was only that assessee had left institution after new members were elected as managing committee, hence, question of assessee invoking principle of capital asset did not arise

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