1993 (9) TMI 2

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....TR 41), answering the question referred to it in the negative, i.e., in favour of the Revenue and against the assessee. The question referred to the High Court under section 256(1) of the Income tax Act, 1961, reads (at page 43) : "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the sum of Rs. 60,000 paid to Shri Mohan Lal Vyas represented th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....or permit for the release of foreign exchange necessary for the import of machinery plant and equipment for the manufacture of flourescent tubes. Mohan Lal Vyas procured the manufacturing licence on December 5, 1961, but he could not procure a licence or permit for the release of requisite foreign exchange for import of machinery, plant and equipment. Since the appellant could not import the machi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....imed. The Income-tax Officer rejected the appellant's claim. He found the whole story doubtful. He commented on the fact that no proceedings were ever taken for execution of the decree. On appeal, the Appellate Assistant Commissioner agreed with the Income-tax Officer and dismissed the appeal. The assessee filed a further appeal to the Tribunal. Before the Tribunal, it shifted its stand. It now....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the appellant to refund of the amount, also occurred during the said accounting year. The appellant then urged a new argument before the High Court, viz., that the trading loss must be deemed to have occurred in the year in which the contract became incapable of performance and that the said situation arose only in the accounting year relevant to the assessment year 1964-65. This argument was reje....