https://www.taxtmi.com/caselaws?id=193434 A surplus realised by purchasing bank deposit receipts and encashing them to reduce an overdraft liability was treated as business profit because the transaction involved the acquisition and realisation of valuable rights in the nature of trade. Once the receipt was characterised as business income, the plea that it was casual and non-recurring failed, since that exception does not exclude receipts arising from business activity. Authorities on mere remission by a creditor were distinguished because there was no remission; the advantage arose from independent purchase transactions. en-us Mon, 16 Nov 1959 00:00:00 +0530 Sat, 29 Jul 2017 11:19:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193434 A surplus realised by purchasing bank deposit receipts and encashing them to reduce an overdraft liability was treated as business profit because the transaction involved the acquisition and realisation of valuable rights in the nature of trade. Once the receipt was characterised as business income, the plea that it was casual and non-recurring failed, since that exception does not exclude receipts arising from business activity. Authorities on mere remission by a creditor were distinguished because there was no remission; the advantage arose from independent purchase transactions. Case-Laws Income Tax Mon, 16 Nov 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193434