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TMI Blog1990 (10) TMI 131X X X X Extracts X X X X X X X X Extracts X X X X ..... hip firm. The grounds of appeal raised are not very happily worded, as the same are argumentative in nature. However, the only dispute is regarding addition of Rs. 43,179 made as business income by the ITO and confirmed by the CIT (Appeals). 2. Briefly to state the facts in the background, the assessee had received a sum of Rs. 43,179 on the opening ceremony of the assessee concern, styled as Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e received on the occasion of "grah pravesh" of the new house, which was held to be not taxable as business receipts. The learned D.R. on the other hand relied on the orders of the two lower authorities. 3. After taking into consideration the rival submissions and carefully going through the said decision, relied upon by the learned-counsel for the assessee, I am unable to interfere in the findi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nothing but receipt by him in the course of carrying on of his money-lending business and the answer to such a question would plainly be in the negative. Consequently, the Tribunal was fight in directing the deletion of the amounts received by the assessee." 3.1 In the very same decision on page 432 of the Report following observations came to be made by their Lordships :-- " If the recipient ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of, the recipient's business, whether this is so or not in any given case would depend upon even so many considerations, such, for instance, as the nature of the business, the relationship between the giver of the gift and the recipient, and various other attendant circumstances." 4.Since the amounts of gifts were directly correlated with the assessee's business, the same were to be treated as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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