1975 (8) TMI 54

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..... contributing to the Kuri the assessee was only turning over his cash like in other commodity. Therefore, the profit was of a revenue nature. 2. The assessee is on appeal before us. The facts given in the orders are very meagre but we are told that the assessee became subscriber to a longer-term chitty run by Lord Krishna Bank, the first instalment of which started on 30th April, 1956 and laste .....

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..... apalisa as it is called does not depend upon the assessee's volition. It depends upon the other subscriber who in their anxiety to get the finances gives a larger discount and the chitty is thus auctioned to the person giving the highest discount. These discounts are later distributed among the subscribers as dividend. Therefore, the getting of the dividend does not depend upon any thing within th .....

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..... business. The nexus has not been shown here. The learned Departmental Representative pointed out that the subscriptions had come out of the business funds. That may be so. So do the partner's withdrawals for their personal expenses. Looking on the facts of the case, there is no prima facie nexus. The chitty is of an unusually long period. The assessee had never bid in any of the auctions. He has .....

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