1965 (4) TMI 10 - SUPREME COURT

Whether, on the facts and in the circumstances of the case, the receipts of the assessee by the sale of loom-hours amounting to ₹ 53,460 and ₹ 1,85,230 in the assessment years 1949-50 and 1950-51 respectively were revenue receipts liable to tax under the Indian Income-tax Act?

Held that:- High Court was right in holding that the receipts from sale of "loom-hours" were in the nature of capital receipts and were not taxable. Appeal dismissed.