Amount received on relinquishing the secretaryship of educational society is not a capital receipt
Case in brief :
The appellant was holding the post of Secretary of the Institution [Paramahamsa Foundation (R) Trust] until 1996 but he left the institution after new members were elected as the managing committee. He wanted to treat the amount received received on relinquishment of secretaryship as capital receipt.
Order by SC:
Supreme Court opined that it may have been a different matter if it was a case of life time appointment of the appellant as Secretary of the concerned Institution. No such evidence was produced by the appellant before the assessing officer or before us. Taking over-all view of the matter, we uphold the conclusion reached by the High Court that the amount received in the hands of appellant-assessee cannot be treated as capital receipt. Thus, the order of the Assessing Officer is affirmed.
