https://www.taxtmi.com/caselaws?id=276739 Receipts from the sale of loom hours were capital receipts because the loom hours formed part of the assessee's profit-making structure rather than its trading operations. The surplus hours could not be fully used due to inadequacy in the preparatory section, and their transfer for value exhausted the asset in the transferee's hands. The amounts were therefore not profits from business and could not be treated as casual or non-recurring business income under the Act. en-us Tue, 28 Mar 1961 00:00:00 +0530 Fri, 16 Nov 2018 15:25:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276739 Receipts from the sale of loom hours were capital receipts because the loom hours formed part of the assessee's profit-making structure rather than its trading operations. The surplus hours could not be fully used due to inadequacy in the preparatory section, and their transfer for value exhausted the asset in the transferee's hands. The amounts were therefore not profits from business and could not be treated as casual or non-recurring business income under the Act. Case-Laws Income Tax Tue, 28 Mar 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276739