1986 (1) TMI 75

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....ndian National Congress is a permissible deduction under the Income-tax Act, 1961 ? 2. Whether the sale proceeds of trees at Barhani amounting to Rs. 22,605 were on the facts and circumstances of the case completely exempt from tax under section 10(3) of the Income-tax Act being receipts of casual and non-recurring nature ? 3. Whether, on the facts and in the circumstances of the case, the entire expenditure on electric fittings of Rs. 11,807 at the retail cloth depots of the assessee company is a permissible deduction under the Income-tax Act, 1961, and whether the Tribunal was justified in restricting the deduction to such expenses as related to old depots only ? 4. Whether, on the facts and in the circumstances of the case, the ....

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....The assessee is aggrieved by this order and the question referred to us is whether the entire receipt is exempt from tax under section 10(3) as being a receipt of a casual and non-recurring nature. After some arguments, learned counsel for the assessee stated that since, in view of the deduction for the market value on January 1, 1954, allowed by the Tribunal against the total receipts, the net amount liable to tax may not be significant, he will not press for an answer to this question. This question is, therefore, treated as not pressed and we do not return any answer to the same. In regard to the third and fourth questions, the relevant facts are these : The assessee maintains a number of retail cloth depots for the sale of cloth manu....