Rm. Ar. Ar. Rm. Arunachalam Chettiar & Son v. Commissioner Of Income-Tax, Madras

1. The only question argued here is question No. 1 referred by the learned Commissioner of Income-Tax, that is, whether the sum of Rs. 3,250, received by the petitioner was in respect of securities taxable under Section 8 of the Act or a receipt of his business to be brought into computation of the income taxable under Section 10.

2. The facts of this case are very clearly stated in the order of reference and the learned Income Tax Commissioner has very clearly also stated his reasons for his opinion that this sum is to be treated as a receipt of a business income which falls to be brought into the computation of the income taxable under Section 10. With those reasons we fully agree and we accordingly answer the latter part of the question propounded in the affirmative and direct the assessee to pay Rs. 250 costs of the Commissioner of Income-Tax.

Reference answered accordingly.