https://www.taxtmi.com/caselaws?id=277496 The court held that the sums received as selami by the assessee for granting subleases were trading receipts in its hands and the profit contained in these receipts was assessable under the Indian Income-tax Act. The court found that the activities of the assessee company constituted a business, as it engaged in prospecting, developing coal fields, obtaining mining leases, and subletting them for profit. Therefore, the selami receipts were deemed assessable under the Act, following precedents that emphasized business activities for profit-making purposes. The Commissioner of Income-tax was awarded costs of the reference. en-us Thu, 18 Sep 1958 00:00:00 +0530 Wed, 05 Dec 2018 17:43:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277496 The court held that the sums received as selami by the assessee for granting subleases were trading receipts in its hands and the profit contained in these receipts was assessable under the Indian Income-tax Act. The court found that the activities of the assessee company constituted a business, as it engaged in prospecting, developing coal fields, obtaining mining leases, and subletting them for profit. Therefore, the selami receipts were deemed assessable under the Act, following precedents that emphasized business activities for profit-making purposes. The Commissioner of Income-tax was awarded costs of the reference. Case-Laws Income Tax Thu, 18 Sep 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277496