2000 (5) TMI 15 - HC - Income Tax

Summary

The High Court of Delhi upheld the decision of the Appellate Assistant Commissioner to treat a sum of Rs. 32 lakhs as a capital receipt, not a revenue receipt, for the assessment year 1972-73. The Tribunal found that the amount was a share of reserve, not income. The court ruled in favor of the assessee, stating that no question of law arose from the Tribunal's factual findings.