1995 (9) TMI 26

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....s filed this petition under section 256(2) of the Income-tax Act, 1961 (hereinafter called " the Act "), seeking to refer the following questions stated to be questions of law, to this court for its opinion, relevant to the assessment year 1982-83 : " Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal was : (1) correct in law in confirming t....

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....justified in allowing know-how fee paid at 50 per cent. of the amount at Rs. 33,58,671, holding that the balance of 50 per cent. amount to be of capital nature ? (6) justified in holding that water charges amount to Rs. 1,97,487 and Rs. 81,816 are not admissible deductions ?" We have examined the questions proposed and also heard learned counsel for the parties and perused the order of the T....

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.... and is referable to this court for its opinion. So far as question No. 2 is concerned, the Appellate Tribunal upheld the taxability of the credit balance of four parties amounting to Rs. 79,935, unilaterally written back to the year under consideration holding that the assessee had received the benefit by way of allowance in respect of the said amounts in earlier years and also that there was ....

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....e is not pressing question No. 5 as set out in the petition and, therefore, we are not called upon to examine and decide regarding calling for a reference in respect of question No. 5. The prayer with regard to the said question stands rejected being not pressed. Question No. 6, on the other hand, relates to whether water charges paid to the Rajasthan State Electricity Board are contractual lia....