2012 (11) TMI 632

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....ared on behalf of the respondent on several occasions. Therefore, heard only learned counsel for the appellant. 2. The questions raised are as under: 1. "Whether on the facts and in the circumstances of the case, the Tribunal was justified in restricting the nett profit at 12.5% of receipt of Arbitration Award when it held that income had to be computed in accordance with Section 176 (3A) of....

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....to be added in the total income under Section 176(3A) of the Act of 1961. The order dated 31.10.1997 of C.I.T.(A), Ranchi, was challenged before the Income Tax Appellate Tribunal, Patna Bench, Patna by Revenue and the Tribunal in para-4 of its order specifically accepted the contention of the Revenue that the amount received by the assessee was received after discontinuance of business and, theref....

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.... the assessee after discontinuance of business was considered as reasonable, which is contrary to Section 176(3A) of the Act. 5. We have considered the submission of the learned counsel for the appellant and perused the reasons given in the impugned order dated 8.8.2000 of I.T.A.T. We are of the considered opinion that this finding of facts has already been upheld by the Tribunal that assessee ....