https://www.taxtmi.com/caselaws?id=6847 The High Court held that the surplus from the sale of assets is a capital receipt, not business income, under section 41(2) of the Income-tax Act. The deduction of brokerage is not applicable unless the receipt is considered business income. Referring to precedent, the court emphasized that the surplus is not business income and rejected the argument that the Explanation to section 41(2) includes brokerage as a business expenditure. The court ruled against the assessee, stating that the deduction claimed for brokerage in the computation of profits was not allowed. en-us Tue, 21 Mar 1967 00:00:00 +0530 Fri, 06 Feb 2009 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6847 The High Court held that the surplus from the sale of assets is a capital receipt, not business income, under section 41(2) of the Income-tax Act. The deduction of brokerage is not applicable unless the receipt is considered business income. Referring to precedent, the court emphasized that the surplus is not business income and rejected the argument that the Explanation to section 41(2) includes brokerage as a business expenditure. The court ruled against the assessee, stating that the deduction claimed for brokerage in the computation of profits was not allowed. Case-Laws Income Tax Tue, 21 Mar 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6847