1994 (9) TMI 52

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....--This petition being at the instance of the Revenue, seeks reference of three questions of law, namely : "1. Whether, on the facts and in the circumstances of the case,-- (i) the profit of terminated kuries could be included in the previous year relevant to the assessment year 1985-86? (ii) the receipt had no income nature at all and therefore it could not be brought to tax and the Tribu....

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....plus was brought to assessment by the Income-tax Officer, which was confirmed in appeal by the Commissioner. The Tribunal deleted the alleged surplus in the appeal by the assessee. The assessee's explanation in relation to this amount was that subscribers sometimes used to make excess payments towards instalments due from them. When the chitty was terminated and the surplus was lying to the cre....

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....in credit to the subscribers and did not have the character of income in the hands of the assessee. This finding of fact entered by the Tribunal though sought to be challenged by the Revenue as wrong, perverse and unsupported by any material, is really one based on the materials available in the case. Nothing has been brought to our notice which shakes the finding of the Tribunal about the real....