1975 (8) TMI 54

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....his was not assessable. The AAC held that in contributing to the Kuri the assessee was only turning over his cash like in other commodity. Therefore, the profit was of a revenue nature. 2. The assessee is on appeal before us. The facts given in the orders are very meagre but we are told that the assessee became subscriber to a longer-term chitty run by Lord Krishna Bank, the first instalment of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ount. The accrual of the dividend of Veethapalisa as it is called does not depend upon the assessee's volition. It depends upon the other subscriber who in their anxiety to get the finances gives a larger discount and the chitty is thus auctioned to the person giving the highest discount. These discounts are later distributed among the subscribers as dividend. Therefore, the getting of the dividen....