Andhra Pradesh Court May 1966 Judgments

Babu Lal Kedia Vs. Income-tax Officer, Dist. Iii (iii), Kanpur, and An ...

Court: Andhra Pradesh

Reported in: [1968]70ITR345(AP)

The petitioner was assessed to income-tax for the assessment year 1956-57 on the profits accruing on the sale of two patlas of gold. Against the assessment order the petitioner preferred an appeal before the Appellate Assistant Commissioner. The Appellate Assistant Commissioner held that the gold had been treated by the petitioner as stock-in-trade and consequently the profits accruing from the sale of the gold must be regarded as revenue income liable to tax. In this connection he referred to the income-tax assessment for the earlier assessment year 1947-48, which had been upheld by the Income-tax Appellate tribunal by its order dated April 3, 1957. The petitioner then applied in revision under section 33A(2) to the Commissioner of Income-tax against the order of the Appellate Assistant Commissioner. The revision application was dismissed on July 12, 1960. By this petition for certiorari the petitioner challenges that order.The first contention of the petitioner is that the proceeding...