1974 (12) TMI 15

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.... 28th April, 1965, the assessee purchased a half share in a cinema building for Rs. 46,496. The sale consideration was paid in cash to the extent of Rs. 10,000 and the balance of Rs. 36,496 was paid in the form of evacuee compensation claims. These claims had been purchased by the assessee in the open market for Rs. 25,555. The Income-tax officer brought the difference between the purchase and the....

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....tax. At the instance of the Commissioner of Income-tax the Tribunal has referred the following question of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the amount of Rs. 10,937 was not profit arising out of an adventure in the nature of trade, but was receipt of a casual and non-recurring nature ? " ....