https://www.taxtmi.com/caselaws?id=181679 Receipts from the transfer or realisation of mining rights were not assessable as rents, royalties, premiums or other property income under section 5(f), because the sums arose from outright sales rather than payments for property remaining in the owner's hands. They were, however, trading receipts under section 5(a) where the company's business included acquiring and realising mining rights. Taxable profit had to be computed by deducting the cost of acquisition from the proceeds; gross realisations could not be charged as income without that allowance. The assessments were therefore required to be recomputed on the correct basis. en-us Mon, 29 Oct 1945 00:00:00 +0530 Thu, 21 Apr 2016 18:01:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181679 Receipts from the transfer or realisation of mining rights were not assessable as rents, royalties, premiums or other property income under section 5(f), because the sums arose from outright sales rather than payments for property remaining in the owner's hands. They were, however, trading receipts under section 5(a) where the company's business included acquiring and realising mining rights. Taxable profit had to be computed by deducting the cost of acquisition from the proceeds; gross realisations could not be charged as income without that allowance. The assessments were therefore required to be recomputed on the correct basis. Case-Laws Income Tax Mon, 29 Oct 1945 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181679