1997 (3) TMI 67

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.... reference under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following question of law to this court for opinion at the instance of the assessee : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the payments made by the assessee-company to Zacaria Antao and Babul Naik Tari under the ag....

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....sment year 1977-78 as also in the previous year relevant to the assessment year 1978-79. The previous year of the assessee for the assessment year 1978-79 was the year which ended on June 30, 1977. In its assessment for the assessment year 1978-79, the assessee claimed deduction of a sum of Rs. 1,50,500, out of which a sum of Rs. 42,000 pertained to liquidated damages paid to Mr. Zacarias Antao an....

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....of the assessee for deduction on the ground that the payment was a payment of capital nature. The Income-tax Officer completed the assessment under the directions of the Inspecting Assistant Commissioner under section 144B of the Act. The above finding of the Income-tax Officer was confirmed by the Commissioner of Income-tax (Appeals) and by the Income-tax Appellate Tribunal. Aggrieved by the same....