Accretion content taxed as income, not capital gains, for the assessment year after applying the prior-year ruling.

The accretion content of Rs. 13,175 for the assessment year 1972-73 was held assessable as income rather than as capital gains. The court followed its earlier decision in the assessee's own case for the preceding year, and the same basis was applied to the present assessment year. On that footing, the amount was brought to tax as income, in favour of the Revenue.

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Issues: Whether the accretion content of Rs. 13,175 was assessable either as income or as capital gains in the assessment year 1972-73.

Analysis: The question was answered by following the court's earlier decision in the assessee's own case for the preceding assessment year, and the agreed position was that the same basis governed the present assessment year.

Conclusion: The accretion content of Rs. 13,175 was assessable as income for the assessment year 1972-73, in favour of the Revenue.

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