1965 (4) TMI 21 - SC - Income Tax

Whether on the facts and in the circumstances of the case what the assessee received in the relevant years is assessable to tax and whether section 34 of the Income-tax Act could be invoked in regard to the years 1947-48, 1948-49 and 1950-51 ?

Held that:- What the assessee received in the relevant years of account was not assessable to tax. It is unnecessary to record, as already observed, a finding on the second branch of the question, viz., whether section 34 of the Income-tax Act could properly be invoked in regard to those receipts. Appeal allowed.