

MCQOPTIONS
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1. |
M.Who was carrying on agency business, received a sum of Rs.5,00,000 from his principal for termination of agency. Compensation so received shall be _________- |
A. | Exempt as it is capital receipt |
B. | Fully taxable as business income |
C. | Taxable as income from other sources |
D. | Intangible asset |
Answer» C. Taxable as income from other sources | |