Tribunal held that compensation received by assessee  in respect of   right to sue for specific performance of its pre-emptive right to purchase of land is  a personal right which did not fall within  definition of ‘capital asset’ under S .2(14) of the Act . Accordingly the  damages received from potential purchaser for such relinquishment of right to sue is a capital receipt which is not taxable . Tribunal also held that the assessee had not received amount of damages under an agreement for not carrying out activity in relation to any business or not to share in know-how, patent, copyright, trademark, license etc. as specified under S. 28(va) of the Act enacted for its taxability under the head of business income. Consequently, it is opined that compensation received in lieu of ‘right to sue’ could not be regarded as revenue receipt.  ( AY. 2008 -09)