1995 (9) TMI 59

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.... : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the receipt of Rs. 3,75,000 by the assessee was not a revenue receipt and in deleting the addition thereof in the hands of the assessee ?" The assessment year involved is 1969-70. The assessee was a partner in the partnership known as Nayab Biri Factory, Moradabad, created by a deed of p....

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....hinderpal Bhasin [1979] 117 ITR 26 (All) held the amount in question a capital receipt and not a revenue receipt. On the application of the Department, this reference has come up to this court. We have heard learned counsel for the parties. It has been held by the Supreme Court in the case of Kettlewell Bullen and Co. Ltd. v. CIT [1964] 53 ITR 261 that it cannot be said as a general rule that wha....