2004 (12) TMI 16

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....ions of law under section 256(1) of the Income-tax Act, 1961, hereinafter referred to as "the Act", for opinion of this court: "(I) Whether on a true and correct interpretation of section 10(17A) and also in view of the provisions contained in the 'charging sections' under the Income-tax Act, 1961, the Tribunal was legally correct in holding that the 'cash incentive' amounting to Rs. 7,45,258 c....

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.... under section 80HHC of the Income-tax Act, 1961? (IV) Whether the Tribunal was legally correct in holding the duty draw back (Rs. 23,929) and premium entitlement (Rs. 19,070.69) were in the nature of 'income' and were, accordingly, liable to be considered as such in the assessment? (V) Whether in case the answer to question No. (IV) is in the negative and against the assessee, on a harmonio....

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.... not a revenue receipt and, therefore not taxable as income at its hand. The Income-tax Officer has held otherwise which order has been upheld up to the stage of the Tribunal. We have heard Sri Shakeel Ahmad, learned counsel appearing for the applicant, and Sri A.N. Mahajan, learned standing counsel for the Revenue. We find that by the Finance Act, 1990, clauses (iiib) and (iiic) are inserte....