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Judgment
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 u/s 8 of the Act or a receipt of his business to be brought into computation of the
income taxable u/s 10. 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 u/s 10. With those returns 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.