https://www.taxtmi.com/caselaws?id=204623 The High Court ruled that the gifts received by the Assessee were considered capital receipts and not taxable income from a profession or vocation. The court emphasized that the gifts were voluntary and given out of personal regard, lacking the necessary nexus to be classified as income. Additionally, the court held that the reopening of the assessment under Section 147 was invalid as it was based on mere surmise without new material, dismissing the Revenue's appeal. en-us Wed, 21 Jul 2010 00:00:00 +0530 Thu, 14 Jun 2012 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204623 The High Court ruled that the gifts received by the Assessee were considered capital receipts and not taxable income from a profession or vocation. The court emphasized that the gifts were voluntary and given out of personal regard, lacking the necessary nexus to be classified as income. Additionally, the court held that the reopening of the assessment under Section 147 was invalid as it was based on mere surmise without new material, dismissing the Revenue's appeal. Case-Laws Income Tax Wed, 21 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204623