https://www.taxtmi.com/caselaws?id=27862 The High Court held that chit dividends received by the assessee were not casual and non-recurring income, as they were distributed regularly based on monthly auction bids. Therefore, the assessee was not entitled to tax exemption under section 10(3) of the Income Tax Act. The Court ruled against the assessee, emphasizing the recurring and predictable nature of the income, and awarded costs to the Revenue. en-us Wed, 04 Apr 1984 00:00:00 +0530 Tue, 16 Feb 2010 14:16:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27862 The High Court held that chit dividends received by the assessee were not casual and non-recurring income, as they were distributed regularly based on monthly auction bids. Therefore, the assessee was not entitled to tax exemption under section 10(3) of the Income Tax Act. The Court ruled against the assessee, emphasizing the recurring and predictable nature of the income, and awarded costs to the Revenue. Case-Laws Income Tax Wed, 04 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27862