COMMISSIONER OF INCOME TAX Vs. KASHMIRI MAL VASDEV

JUDGEMENT

(1.) THIS is a reference under section 66(2) of the Income-tax Act and the question of law formulated by this court which arises from the order of the Income-tax appellate Tribunal, Delhi Bench, is as under :

(2.) THE sole question that arises in this case is whether Rs. 15,040 was a capital receipt or a revenue receipt for purposes of taxability, the controversy between the parties being whether this amount which was received as a compensation on account of cancellation of the liquor contracts, was liable to suffer taxation.