https://www.taxtmi.com/caselaws?id=49302 The Supreme Court upheld the High Court's ruling that receipts from the sale of "loom-hours" by a jute mill were capital receipts and not taxable income under the Indian Income-tax Act. The court determined that the sale of "loom-hours" constituted the disposal of a capital asset rather than temporary use, making it a capital receipt. The Commissioner of Income-tax's appeals were dismissed, absolving the jute mill from tax liability on the amounts received from the sale of "loom-hours." en-us Thu, 15 Apr 1965 00:00:00 +0530 Wed, 20 Aug 2014 08:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49302 The Supreme Court upheld the High Court's ruling that receipts from the sale of "loom-hours" by a jute mill were capital receipts and not taxable income under the Indian Income-tax Act. The court determined that the sale of "loom-hours" constituted the disposal of a capital asset rather than temporary use, making it a capital receipt. The Commissioner of Income-tax's appeals were dismissed, absolving the jute mill from tax liability on the amounts received from the sale of "loom-hours." Case-Laws Income Tax Thu, 15 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49302