COMMISSIONER OF TAXES Vs. MACNEIL & KILBURN LTD.

JUDGEMENT

(1.) This appeal by special leave is directed against tae judgment and order passed by the Division Bench of the High Court Division, Dhaka, in Application No. 24 of 1983.

(2.) Leave was granted to consider the question whether the amount received by the respondent assessee on account of termination of the agency was a capital receipt or a revenue receipt.

(3.) The assessee claimed that the amount of Tk. 1, 50,000/- was compensation paid by the Pakistan River Service Ltd., for premature termination of secretaryship agreement which was executed between the assessee and B.R.S. Ltd., for 10 years commencing from 1961, which, however, was terminated during the accounting year 1967.