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Sum received for discontinuing commodity trading was taxable if such business was carried on by another Co.

September 1, 2018[2018] 96 650 (Cochin - Trib.)/[2018] 172 ITD 279 (Cochin - Trib.)

IT: Where assessee company received compensation for discontinuing commodity trading business, in view of fact that assessee's commodity trading was transferred entirely to its group concern without there being any impairment to business/profit making apparatus of assessee-company, said compensation would be taxable as business income

IT: Where there was no principal and agent relationship between assessee and parent company, compensation received by assessee for discontinuing commodity trading was not from parent company and was not in lieu of surrender of any agency, compensation did not fall within ambit of taxation under section 28(ii)(c)

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