1990 (10) TMI 131

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.... assessee is a registered partnership firm. The grounds of appeal raised are not very happily worded, as the same are argumentative in nature. However, the only dispute is regarding addition of Rs. 43,179 made as business income by the ITO and confirmed by the CIT (Appeals). 2. Briefly to state the facts in the background, the assessee had received a sum of Rs. 43,179 on the opening ceremony of....

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....n that case the amount of gifts were received on the occasion of "grah pravesh" of the new house, which was held to be not taxable as business receipts. The learned D.R. on the other hand relied on the orders of the two lower authorities. 3. After taking into consideration the rival submissions and carefully going through the said decision, relied upon by the learned-counsel for the assessee, I....

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....ous occasion of the Grahapravasam was nothing but receipt by him in the course of carrying on of his money-lending business and the answer to such a question would plainly be in the negative. Consequently, the Tribunal was fight in directing the deletion of the amounts received by the assessee." 3.1 In the very same decision on page 432 of the Report following observations came to be made by th....