1997 (1) TMI 8

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....ome-tax Act, 1922, arises out of a reference made by the Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal") wherein the following question was referred for the opinion of the High Court : "Whether, on the facts and in the circumstances of the case, the Tri bunal was right in holding that the sum of Rs. 1 lakh was income derived from money lent at interest and brought into....

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....s the income derived by the assessee from moneys lent on interest and brought into Pakistan in cash or in kind. The Tribunal agreed with the Appellate Assistant Commissioner and upheld the claim of the assessee that the matter fell within the ambit of clause 5(f) of the Schedule to article IV of India and Pakistan Avoidance of Double Taxation Agreement and it did not accept the claim of the Revenu....

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.... a source or category of transactions not mentioned in any of the foregoing items of  this Schedule. 100 per cent. by the Dominion in which the income actually accrues or arises.                  Nil by the other. The High Court after considering the said clauses has observed as under : "In clause 5(f)....

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....eir companies situated in East Pakistan and thus entitling the assessee to take the benefit of cl. 5(f) of art. IV of the Indo-Pakistan Agreement." We have heard Shri R. R. Mishra, learned senior counsel for the Revenue, and Shri J. Ramamurthy, learned senior counsel, who was requested to assist the court on behalf of the respondent as amicus curiae. In our opinion, the High Court has rightly h....