1971 (8) TMI 36

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..... The judgment of the court was delivered by HEGDE J.-- The question for consideration in this appeal by certificate is " whether, on the facts and in the circumstances of the case the Tribunal was justified in holding that the sum of Rs. 50,000 grossed up to Rs. 1,00,301 was a capital receipt and not revenue receipt in the hands of the assessee." The material facts of the case are as follo .....

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..... not liable to tax as the receipt in question was a capital receipt. That contention was rejected by the Income-tax Officer and the decision of the Income-tax Officer was upheld by the Appellate Assistant Commissioner. But on a further appeal being taken by the assessee to the Income-tax Appellate Tribunal, the Tribunal allowed the contention of the assessee. It held that the receipt in question w .....

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