1998 (4) TMI 132

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f the Revenue, the following two questions are referred : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in holding that the amount of Rs. 23,385 earned by the assessee constitutes capital receipt in the assessee's hands and cannot be brought to tax under the head 'Other sources' for the assessment year 1980-81? Whether, on the facts and .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... be separately treated as income and cannot be taken as part of the capital structure. In the circumstances, question No. 1 and on this aspect question No. 2 are answered in the negative and against the assessee. In respect of the first part of question No. 2 the two items of Rs. 360 and Rs. 79,100, which represent the realisation by selling the tender forms and empty cement bags, learned counsel .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... me from other sources", when it does not cease to be the part of the activity which would otherwise be taxable as business income, if business is actually done. Therefore, it remains as part of the capital structure and hence these receipts are only capital receipts and cannot be taxed. This part of question No. 2 is answered in the affirmative and against the Revenue.    
Case law .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X