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1960 (4) TMI 4 - SC - Income TaxWhether in the facts and circumstances of the case and on a true construction of the agreement between the Central Bank of India and Sheel Chandra the salary and other emoluments received by Sheel Chandra as treasurer of the said bank are assessable under the head ' Salary ' or under the head ' Profits and gains of business? Whether in the facts and circumstances of the case, Sheel Chandra's emoluments as treasurer of the Central Bank of India Ltd. were rightly assessed in the hands of the Hindu undivided family of which he is the karta? Held that:- The emoluments received by Sheel Chandra, were in the nature of salary and therefore assessable under section 7 of the Income-tax Act and not under section 10 of the Act as profits and gains of business and the salary was the income of the individual, i.e., Sheel Chandra, and not the income of the Hindu undivided family. The High Court was erroneous on both questions which were referred to it and they should both have been decided in favour of the appellant.
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