https://www.taxtmi.com/caselaws?id=27145 The sum of Rs. 12,370, not being a trading receipt of the assessee, is not taxable under the Income-tax Act, 1961, and cannot be assessed in the year 1974-75. The excess amount held by the assessee, arising from hire-purchase agreements and insurance premia, was not considered business income and was not subject to taxation. The Tribunal ruled against the Revenue, concluding that the amount did not fall under the purview of taxable income for the specified assessment year. en-us Thu, 06 Sep 1984 00:00:00 +0530 Thu, 11 Feb 2010 10:38:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27145 The sum of Rs. 12,370, not being a trading receipt of the assessee, is not taxable under the Income-tax Act, 1961, and cannot be assessed in the year 1974-75. The excess amount held by the assessee, arising from hire-purchase agreements and insurance premia, was not considered business income and was not subject to taxation. The Tribunal ruled against the Revenue, concluding that the amount did not fall under the purview of taxable income for the specified assessment year. Case-Laws Income Tax Thu, 06 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27145