2007 (9) TMI 670

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....elevant to the assessment year 1980-81, the following two questions of law have been referred for our opinion : "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal ('Tribunal') was justified on facts and in law in declining to allow the additional ground of the assessee which reads as under:- That the authorities below had erred in law in....

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....holding that import entitlement received in the course of export business of the assessee and the said having been sold, the resultant income was business income and not a capital receipts?" 2. Insofar as the second question is concerned, learned counsel for the assessee does not press this question and therefore the reference is returned unanswered to this extent. 3. Insofar as the first qu....

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.... because it was being taken up at that stage for the first time. 5. Without going into the correctness or otherwise of the contentions urged by the assessee before the Tribunal, we have examined the issue independently since the reference is more than 20 years old. We find that learned counsel for the assessee has offered no convincing explanation why the income from the sub-letting of the prem....