1995 (8) TMI 43 - HC - Income Tax

Summary

The High Court of Allahabad held that the sum of Rs. 24,887 received by the assessee towards Mandi Samiti fee did not form trading receipts and therefore was not assessable income. The court ruled that the amount was meant for discharging the liability to pay the fee and could not be included in the income of the assessee. The decision was in favor of the assessee.