2000 (5) TMI 15

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.... of the Revenue, the following question was referred for opinion under section 256(1) of the Income-tax Act, 1961, by the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi (in short "the Tribunal"), for the assessment year 1972-73 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding the order of the Appellate Assistant Commissioner ....

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....bunal held that it was not an income, but the share of reserve. Learned counsel for the Revenue submitted that the true nature of the contention was not appreciated by the Appellate Assistant Commissioner or the Tribunal. We find that the Tribunal after referring to the factual aspects recorded the aforesaid findings of fact that the amount in question cannot be treated as income as it was a sha....