1971 (8) TMI 36

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....the facts and in the circumstances of the case the Tribunal was justified in holding that the sum of Rs. 50,000 grossed up to Rs. 1,00,301 was a capital receipt and not revenue receipt in the hands of the assessee." The material facts of the case are as follows : The assessee, an individual, was serving M/s. Airways (India) Ltd. as a manager in the year 1945. Two years thereafter he was appoin....

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....of the Income-tax Officer was upheld by the Appellate Assistant Commissioner. But on a further appeal being taken by the assessee to the Income-tax Appellate Tribunal, the Tribunal allowed the contention of the assessee. It held that the receipt in question was a capital receipt. At the instance of the Commissioner the question set out earlier was referred to the High Court of Calcutta for its opi....