Commissioner Of Income-Tax vs D.G. Goenka – Bombay High Court

Chandurkar, J. 1. The answer to the question referred in this reference at the instance of the revenue depends upon the construction of the definition of “earned income” in s. 2 (7) of the Finance Act. The question which has been referred is an follows- “Whether, on the facts and in the circumstances of the case, the dividend received by the assessee on the shares held by him as stock-in-trade of his share business was earned income ?” 2. The assessee is admittedly a broker as well as a dealer in shares and carried on in the relevant assessment years 1963-64, 1964-65 an...