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2004 (12) TMI 41 - HC - Income Tax"Whether Tribunal was right in law in holding that the amount of Rs. 1,42,000 received by the assessee from the Mercantile Bank is in the nature of casual receipt and not partaking of the nature of income liable to tax for the assessment year 1974-75?" – any devaluation surplus was a casual and nonrecurring receipt and could not be treated as income from business of the assessee - Amount received by the assessee from the bank as a result of the compromise cannot be treated as trading receipt and the same could not have been added to its income for the purpose of levy of tax - the question referred by the Tribunal is answered in favour of the assessee and against the Revenue.
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