1994 (9) TMI 52 - HC - Income Tax

Summary

The High Court of Kerala dismissed the Revenue's petition seeking reference of three questions of law regarding the inclusion of terminated kuries' profit in the assessment year 1985-86. The Tribunal accepted the assessee's explanation that the surplus amounts were due to subscribers and not income of the assessee. The Court upheld the Tribunal's finding that the surplus amounts did not constitute income for the assessee. The petition was dismissed.