9911796707
TMI Blog1966 (9) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... ts opinion is : " Whether, on the facts and in the circumstances of the case, the sums of Rs. 5,114, Rs. 7,889 and Rs. 3,000 realised by the assessee on the sale of plots in the previous years ending on 30th June, 1958, 30th June, 1959, and 30th June, 1960, were revenue profits chargeable to income-tax? " In this case, the relevant assessment years are 1959-60, 1960-61 and 1961-62. On Januar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee sold the sites that fell to his share. The question now for decision is whether the sales effected by the assessee subsequent to the dissolution of the partnership was in the course of business or whether he did it as a measure of disposing of the capital assets realised by him at the time of the dissolution of the partnership. To put it in other words, whether the four sites got by him ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... very business that the partnership was carrying on till its dissolution. Does the evidence on record lead to that conclusion ? In other words, is the inference drawn from the proved facts in accordance with law ? It is not the case of the revenue that after the dissolution of the partnership, the assessee had purchased any other sites or sold any sites other than those that fell to his share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rawn in the case of any other individual. One circumstance on which the learned counsel for the revenue placed a great deal of reliance in support of his contention that the sales in question were effected in the course of the assessee's business is that the assessee himself had included in his return the profits realised by him by the sale of sites during the assessment year 1959-60. The Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the decision of the Madras High Court in O. M. S. PL. A. Alagappa Chettiar v. Commissioner of Income-tax. We answer the question referred to us in favour of the assessee. In other words, our answer is : On the facts and in the circumstances of the case, the sums of Rs. 5,114, Rs. 7,889 and Rs. 3,000 realised by the assessee by the sale of plots in the previous years ending on 30th June, 1958 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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