1990 (7) TMI 53

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....instance of an assessee to income tax, the Income-tax Appellate Tribunal has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the sum of Rs. 1,12,237 representing the consideration received by the assessee for the transfer of the import licences granted to it has been rightl....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eceipt. The Appellate Tribunal repelled the said contention. Reliance was placed upon the decision in Kesoram Industries and Cotton Mills Ltd. v. CIT [1978] 115 ITR 143 (Cal), CIT v. Swadeshi Cotton Mills Ltd. [1980] 121 ITR 747 (All) an d CIT v. Universal Radiators P. Ltd. [1981] 128 ITR 531 (Mad). It is thereafter at the instance of the assessee that the Income-tax Appellate Tribunal has referre....