Taxability of capital receipt in income-tax appeal admitted, with a substantial question of law framed for consideration

The Delhi High Court considered whether an income-tax appeal merited admission and whether the taxability of a sum of Rs. 3,15,31,750 as a capital receipt required examination. The court admitted the appeal and framed a substantial question of law on the taxability issue for consideration.

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Issues: Whether the income-tax appeal should be admitted and whether the question of taxability of the sum of Rs. 3,15,31,750 as a capital receipt required consideration.

Outcome: The appeal was admitted and a substantial question of law was framed for consideration.

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