1975 (11) TMI 30

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.... father of the assessee, entered into an agreement with M/s. Essen (P.) Ltd., under which he agreed to render assistance in the promotion and formation of a cement company known as India Cements Ltd., and canvassed and obtained subscriptions for shares of the face value of at least Rs. 12 1/2 lakhs. Essen (P.) Ltd. were the managing agents of India Cements Ltd. In consideration of the assistance t....

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....hands of even H. D. Rajah would not have been earned income, much less in the hands of the assignee, and in that view the appeals also were dismissed. On a further appeal, the Tribunal held that the income received by the assessee was chargeable to tax under the head "other sources" and that in view of the definition of "earned income" in section 2(6AA)(c) of the Indian Income-tax Act, 1922, even ....

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....Act. That provision reads as follows: " 'Earned income' means any income of an assessee who is an individual, Hindu undivided family, unregistered firm or other association of persons not being a company, a local authority, a registered firm or a firm assessed under clause (b) of sub-section (5) of section 23--....... (c) which is chargeable under the head 'Other sources' if it is immediatel....

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....n allowance. If this argument were to be accepted, we cannot give full meaning to the words in the section itself. For instance, if we take the case of pension alone and read the provision, it would read as pension given to the assessee in respect of his past services and pension in respect of the past services of any deceased person could not be comprehended. The word "pension" itself presupposes....