Supreme Court · 1969 INSC 214 · Decided 1 September 1969
Raja Bahadur Kamakhya Narain Singh v. Commissioner of INCOME.TAX, Bihar and Orissa
- Court
- Supreme Court of India
- Citation
- 1969 INSC 214 · [1970] 2 S.C.R. 163
- Case number
- CIVIL APPEAL No. 481/1966
- Decided
- 1 September 1969
- Bench
- J.M. SHELAT, C.A. VAIDYIALINGAM (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 66(2)
Headnote
Capitlil or Jnco1ne-Purchase and sale of gold and shares-Principles far deciding whether profit on transactinns is revenue or capital receipl­ Question is of 1nixed fact and law-High Court in reference not bctrred jru1n going into findi11gs of Tribunal 011 such question on the ground th(lt it final. The assessec inherited a vast cst:.1te c·on'iisting of ngricl1\tural and othei land as also Government sc:urities worth Rs. 40 Ines. In 1937 he attained majority and control of the estate from the Cvurt of Wurds. In the account· ing year 1938-39 he sold some of those
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