1974 (12) TMI 15 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee, stating that the difference in price from purchasing evacuee compensation claims was not taxable as business income. The Tribunal found that the intention of the assessee was not to trade in these claims but to use them to purchase a building for personal use. The court upheld the Tribunal's decision, concluding that the receipt was of a casual and non-recurring nature, not arising from a business adventure. The question was answered in the affirmative, in favor of the assessee.