2001 (8) TMI 82

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....ese two reference applications contain identical questions and are, therefore, taken up together for disposal. Pursuant to the direction given by this court under section 256(2) of the Income-tax Act, 1961 (in short "the Act"), the following question has been referred for the opinion of this court by the Income-tax Appellate Tribunal, Delhi Bench-C ("the Tribunal" in short): 'Whether, on the....

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....the whole amount could be paid, the Indian rupee was devalued in 1966. The Romanian concern asked the assessee to make payment as per the devaluation rate. The assessee, however, disowned the liability on the ground that it was only a representative of the Bihar State Electricity Board, the real importer of the transformer. The Board did not make any payment on the ground that it had paid the sum ....

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....d not be considered in the assessment year 1971-72. The Ministry of Foreign Trade, Government of India, had asked the assessee to make the payment subsequently. The assessee, apart from this fact, had also not paid the amount so far and was disputing the liability and was still asserting that the liability was that of the Board. The Tribunal, therefore, held that, on the facts and in the circumsta....