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Bombay High Court holds insurance claim amounts received for death of horses by Poonawalla Estate Stud and Agricultural Farm to be capital receipts, not taxable as business profits, reiterating “heads of income under the Act are mutually exclusive” while quashing tax demands
Court’s Decision The Bombay High Court allowed four appeals, holding that insurance claim amounts received upon the death of horses, which were capital assets, constitute capital receipts not chargeable under…
