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2002 (10) TMI 75 - HC - Income Tax"1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the receipts from lease and sale of horses are assessable as income in the hands of the assessee? - 2. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in rejecting the assessee's contention that proceeds from sale of horses are to be considered for assessment only under the head 'Capital gains' and not under any other head of income? - 3. On the facts and in the circumstances of the case whether the Tribunal was correct in holding that the horses are not personal effects of the assessee? - 4. Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the entire receipts from the lease of horses accrued in this year when the auction took place, even though the lease was for a period of more than one year?" - In fine, all the questions of law are answered in the affirmative, against the assessee and in favour of the Revenue
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