https://www.taxtmi.com/caselaws?id=49443 Salami received on granting mining sub-leases was held to be a trading receipt because its character depended on the true nature of the assessee's business activities and memorandum objects. The Court distinguished mere ownership and enjoyment of property from acquisition and exploitation of mineral rights as part of a profit-making venture. As the assessee had acquired large mining areas, developed them and parcelled them out through a series of sub-leases commercially, the receipts were treated as business profits rather than a capital accretion. en-us Thu, 31 Aug 1961 00:00:00 +0530 Fri, 29 Aug 2014 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49443 Salami received on granting mining sub-leases was held to be a trading receipt because its character depended on the true nature of the assessee's business activities and memorandum objects. The Court distinguished mere ownership and enjoyment of property from acquisition and exploitation of mineral rights as part of a profit-making venture. As the assessee had acquired large mining areas, developed them and parcelled them out through a series of sub-leases commercially, the receipts were treated as business profits rather than a capital accretion. Case-Laws Income Tax Thu, 31 Aug 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49443