2000 (11) TMI 119 - HC - Income Tax

Summary

The High Court of Calcutta refused leave to appeal under section 260A regarding two sums: Rs. 2,72,110 and Rs. 16,63,668. The first sum was not treated as a capital receipt as there was no transfer of capital. The second sum was not taxable as a revenue receipt under section 41(2) as it was spent on repair and not destroyed. The application for appeal was rejected, and questions about small sums for entertainment were considered matters of fact, not law.