1994 (3) TMI 12

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....ising out of its order, dated June 27, 1980, in respect of the assessment year 1977-78 under section 256(1) of the Income-tax Act, 1961: " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that brokerage amounts to profession and not business ? " The brief facts of the case are that the assessee derived income from brokerage and claimed it to b....

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....fession" and not a "business". The Tribunal took into consideration the fact that brokerage was derived by personal exertion without any monetary investment and on that basis the income was considered to be as that from profession. This court in CIT v. Bhagwan Broker Agency [1995] 212 ITR 133--D. B. Income-tax Reference No. 125 of 1981, decided on May 11, 1993--has held as under : " From the....