2005 (7) TMI 40

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....1961, the Income-tax Appellate Tribunal has referred the following question of law for the opinion of this court: "1. Whether, on the facts and in the circumstances of the case, the sum of Rs. 96,000 is liable to be taxed in accordance with the provisions of section 17(3)(i) read with section 17(1)(iv) of the Act for the assessment year 1980-81?" It is not in dispute that the assessee was in....

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....ment by competitors of M/s. Sandvik Asia Ltd., like M/s. Widia and Drilleco. In order to prevent the assessee from accepting such offers, it appears that M/s. Sandvik Asia Ltd. had offered additional amount of Rs. 96,000 to the assessee on his agreeing not to accept similar job in any other competing organisation for a minimum period of two years from July 13, 1979, and not to disclose or part wit....