1993 (10) TMI 366

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.... Saraf, J. - By this reference under section 256(1) of the Income-tax Act, 1961 ('the Act'), the Tribunal has referred the following question of law to this Court for its opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the amount of Rs. 32,500 received by the assessee from Harshad Dye Chem Industries represents ....

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....s. The assessee claimed the above receipts in question as capital receipts. The contention of the assessee that the aforesaid amounts constituted capital receipts was rejected by the ITO. On appeal, the AAC decided the issue of capital receipts in favour of the assessee. The order of the AAC was upheld by the Tribunal. Hence, this reference at the instance of the revenue. 3. We have heard the l....