https://www.taxtmi.com/caselaws?id=8609 The surplus from the sale of fireclay rights was taxable as income because the rights were acquired and disposed of as part of a composite scheme connected with the purchase and resale of the coal mine. The Court accepted examination of the entire chain of transactions and held that the fireclay rights were incidental to the assessee's own resale arrangement, showing acquisition for profit-making rather than as a capital holding. The resulting gain was therefore income and not a non-taxable capital receipt. en-us Thu, 13 May 1971 00:00:00 +0530 Fri, 08 May 2009 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8609 The surplus from the sale of fireclay rights was taxable as income because the rights were acquired and disposed of as part of a composite scheme connected with the purchase and resale of the coal mine. The Court accepted examination of the entire chain of transactions and held that the fireclay rights were incidental to the assessee's own resale arrangement, showing acquisition for profit-making rather than as a capital holding. The resulting gain was therefore income and not a non-taxable capital receipt. Case-Laws Income Tax Thu, 13 May 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8609