Piyare Lal Adishwar Lal vs Commissioner Of Income Tax
Whether the emoluments received by Sheel Chandra as treasurer of Central Bank of India are assessable as 'Salary' under section 7 or as 'Profits and gains of business' under section 10 of the Indian Income Tax Act --- Held: Salary. Whether Sheel Chandra's emoluments as treasurer were rightly assessed in the hands of the Hindu Undivided Family (HUF) of which he is the Karta --- Held: No, they are his individual income.
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