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Adventure in the nature of trade

to the legal requirements associated with the concept of trade or business, G. Venkataswami Naidu and Co. v. Commissioner of Income Tax, AIR 1959 SC 359 (364): (1959) Supp 1 SCR 646.

Question of law arising out of such order

aspect of a question is itself a distinct question for the purpose of s. 66(1) of the Act, Commissioner of Income Tax v. Indian Molasses (Private) Ltd., AIR 1970 SC 2067: (1970) 2 SCC 834: (1971) 1

Requisition

a temporary nature and though it may extend over some years, it has not the element of permanence, Commissioner of Income Tax v. Manna Ramji & Co., AIR 1973 SC 515 (518): (1973) 3 SCC 43: (1973)

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Derived from

be said to flow directly from the industrial undertaking itself. (AIR 1955 SC 74 foll), Pandian Chemicals v. Commissioner of Income Tax, (2003) 5 SCC 590 (592). (Income-tax Act, 1961, s. 80HH) Derived from, a direct nexus

Previous year

was meant the financial years preceding the year in which liquidation took place. Dhandhania Kedia and Co. v Commissioner of Income Tax, AIR 1959 SC 219 (221): (1959) Supp 1 SCR 204. [Incom Tax Act, 1922, s.

Partner

For that purpose, the law of Partnership must be considered, apart from the definition in the Income-tax Act, Commissioner of Income Tax v. Darkadas Khetan and Co., AIR 1961 SC 680 (683): (1961) 2 SCR 821.

Agricultural product

grows but also a product subject to a simple operation making the same more saleable or more usable, Commissioner of Income Tax v. Cynamid India Ltd., (1999) 3 SCC 727. [Income Tax Act, 1961, s. 35C]

Installation of machinery

is fixed in a vehicle it is within the meaning of the expression in cls. (vi) and (via), Commissioner of Income Tax v. Mir Mohd. Ali, AIR 1964 SC 1693: (1964) 7 SCR 846. [Income Tax Act,

Any other sum chargeable under the provisions of this Act

a trading receipt which may or may not include 'pure income', Transmission Corporation of Andhra Pradesh Ltd. v. Commissioner of Income Tax of Andhra Pradesh, (1999) 7 SCC 266. [Income Tax Act, 1961, s. 195]

Earned

term cannot be divorced from that of income accruing to the assessee, E.D. Sassoon and Co. Ltd. v. Commissioner of Income Tax, AIR 1954 SC 470: (1955) 1 SCR 313. (Indian Income-tax Act, 1922, s. 4)

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