1997 (7) TMI 24 - HC - Income Tax

Summary

The High Court of Andhra Pradesh dismissed the application filed under section 256(2) of the Income-tax Act, 1961. The court upheld the Tribunal's decision that the amounts earned by the assessee constitute capital receipts and cannot be taxed under the head 'Other sources' for the assessment year 1981-82. The decision was based on a previous judgment in CIT v. Nagarjuna Steels Ltd. [1988] 171 ITR 663.