https://www.taxtmi.com/caselaws?id=19407 Brokerage income carried on under agency arrangements was held to be business income, not professional income, because the correct test is not merely personal exertion or absence of capital but whether the activity is backed by special qualification or learning beyond ordinary skill. As no finding of such special qualification was recorded, the income was assessable as business income and the reference was answered in favour of the Revenue. en-us Wed, 02 Mar 1994 00:00:00 +0530 Fri, 06 Nov 2009 10:29:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19407 Brokerage income carried on under agency arrangements was held to be business income, not professional income, because the correct test is not merely personal exertion or absence of capital but whether the activity is backed by special qualification or learning beyond ordinary skill. As no finding of such special qualification was recorded, the income was assessable as business income and the reference was answered in favour of the Revenue. Case-Laws Income Tax Wed, 02 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19407