1994 (3) TMI 88

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....following question of law arising out of its order, dated May 21, 1982, in respect of the assessment year 1975-76 under section 256(1) of the Income-tax Act : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the receipt of Rs. 1,00,101 was capital receipt and not revenue receipt and was not taxable ?" The brief facts of the case are that the....

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.... lease right of the assessee to exhibit the films. The dispute is with regard to the sum of rupees 1,00,101 as to whether it should be treated as a capital receipt or a revenue receipt. The Income-tax Appellate Tribunal found that the construction of the building was not completed and the assessee had not started exhibiting the films in the cinema (since the cinema was not constructed), the amount....

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....ces which have been given under the Act. One of such sources is business income, there may be other sources of income like salary, other sources, etc. but the volume, frequency, continuity, regularity and the intention of the assessee to carry on business has to be seen for the purpose of determining a particular receipt as business income. When the business itself has not come into existence, it ....