https://www.taxtmi.com/caselaws?id=276055 The court held that the sum of Rs. 2,24,000 received by the assessee was taxable under Section 10(5A) of the Income-tax Act as it was deemed profits and gains of a business carried on by the managing agent. However, the court determined that the relevant assessment year for this receipt was 1956-57, not 1955-56, as the receipt was derived from the managing agency business. The court clarified that the sum was for the resignation of the managing agency and not for procuring shares, ultimately including the amount in the assessee's taxable income for the relevant assessment year. en-us Tue, 06 Mar 1962 00:00:00 +0530 Fri, 26 Oct 2018 11:21:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276055 The court held that the sum of Rs. 2,24,000 received by the assessee was taxable under Section 10(5A) of the Income-tax Act as it was deemed profits and gains of a business carried on by the managing agent. However, the court determined that the relevant assessment year for this receipt was 1956-57, not 1955-56, as the receipt was derived from the managing agency business. The court clarified that the sum was for the resignation of the managing agency and not for procuring shares, ultimately including the amount in the assessee's taxable income for the relevant assessment year. Case-Laws Income Tax Tue, 06 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276055