High Court upholds Tribunal ruling: Assessee's earnings deemed capital receipts, not taxable under 'Other sources'

The High Court of Andhra Pradesh dismissed the application under section 256(2) of the Income-tax Act, 1961, upholding the Tribunal's decision that the assessee's earnings were capital receipts not taxable under 'Other sources' for the assessment year 1981-82, citing precedent CIT v. Nagarjuna Steels Ltd. [1988] 171 ITR 663.

---

---

The High Court of Andhra Pradesh dismissed the application filed under section 256(2) of the Income-tax Act, 1961. The court upheld the Tribunal's decision that the amounts earned by the assessee constitute capital receipts and cannot be taxed under the head 'Other sources' for the assessment year 1981-82. The decision was based on a previous judgment in CIT v. Nagarjuna Steels Ltd. [1988] 171 ITR 663.

---