https://www.taxtmi.com/caselaws?id=49622 The Supreme Court allowed the appeal, ruling that the profits earned by the assessees from a cloth distribution scheme were assessable income and not exempt from taxation. The Court held that the assessees were liable to pay tax on the profits generated from the scheme, emphasizing that the income had accrued to the assessees, making it assessable income. The claim for exemption under section 4(3)(i-a) was dismissed, highlighting the assessees' ownership of the profits and their obligation to pay tax on the income derived from the scheme. en-us Fri, 03 Oct 1958 00:00:00 +0530 Fri, 05 Sep 2014 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49622 The Supreme Court allowed the appeal, ruling that the profits earned by the assessees from a cloth distribution scheme were assessable income and not exempt from taxation. The Court held that the assessees were liable to pay tax on the profits generated from the scheme, emphasizing that the income had accrued to the assessees, making it assessable income. The claim for exemption under section 4(3)(i-a) was dismissed, highlighting the assessees' ownership of the profits and their obligation to pay tax on the income derived from the scheme. Case-Laws Income Tax Fri, 03 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49622