1975 (2) TMI 11 - HC - Income Tax

Summary

The High Court of Allahabad decided that the amount of Rs. 9,141 was not a profit arising from a trade adventure but a casual and non-recurring receipt. The Tribunal found that the transaction in question was not a trade adventure based on the specific circumstances and past business activities of the assessee. The court ruled in favor of the assessee, granting costs of Rs. 200.