2002 (9) TMI 93

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....sment year is 1989-90. The questions referred are two and the reference is at the instance of the assessee. The questions referred are: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the aggregate sum of Rs. 92,40,329 being interest received on IDBI bonds for a period of three years, was chargeable to tax in the assessment year 1989-90 ins....

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.... for all the three years in the year of account. The law laid down in that decision is squarely applicable to the facts of this case as well. The first question is answered in favour of the Revenue and against the assessee. The assessee had entered into an agreement with its subsidiary company, Amphetronix Ltd., on April 18, 1986, which agreement was to be in force for a period of five years un....

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....essing Officer as also the Commissioner and the Tribunal rejected the assessee's claim that if not the whole at least a part of that amount of Rs. 20 lakhs should be treated as capital receipt. The Assessing Officer and the Commissioner held, which finding has been upheld by the Tribunal, that the payment of this Rs. 20 lakhs purportedly for the assessee agreeing to accept a restraint on its tr....