1994 (11) TMI 76

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....tion. The Assessing Officer proceeded to complete the assessment treating the amount of Rs. 8,90,241 received by the assessee under an arbitration award as additional receipts. The Commissioner (Appeals) has also proceeded on the same basis, but modified the assessment granting some allowances. The Tribunal set the matter in the proper perspective by refusing to treat the amount received in arbitr....

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....as rectified by the Tribunal for adequate reasons. We are also satisfied that the amount received did not fully represent income. We called upon the assessee to produce a copy of the arbitration award. A perusal of the award shows that the award was made for escalation of the cost and was not mere profit as contended by the department. We are not relying on this award as we looked into it only fo....