2006 (9) TMI 135 - PUNJAB AND HARYANA HIGH COURT - Income Tax

Extract:
....... the assessee could not be held to be mere deposits and property transferred could not be held to be stock-in-trade of the assessee. The amount received by the assessee had, thus, to be revenue receipt in its hands. For the above reasons, we answer the question in favour of the Revenue and against the assessee. Reference is disposed of accordingly.