Mesne profits is a capital receipt and not chargeable to tax

Issue Under Consideration (a) Whether on the facts and in the circumstance of the case and in law, the Tribunal was correct in holding that mesne profits are capital receipts in the hands of the assessee and not revenue receipts chargeable to tax? (b) Whether on the facts and in the circumstance of the case and in law, the Tribunal was correct in holding that mesne profits, can not be part of book profit u/s. 15JB, as it was held as capital assets?”. Held by High Court The impugned order of the Tribunal has held that the mesne profits received by the Respondent­Assessee for the unauthorized...