1981 (4) TMI 16

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....rect the Appellate Tribunal, Cuttack Bench, to state a case and refer the following two questions for opinion of the court: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in coming to the conclusion that the assessee became aware of its liability to pay interest only in April, 1972, when only the party had filed a suit for execution of the compromise dec....

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.... supplied by the assessee in future. In the event of a default in the payment, by either mode, the Board was entitled to levy execution of the decree with interest at 9 per cent. on outstandings calculated from the date of default. The terms of the compromise also stipulated that 10 per cent. of the cost of vehicles to be supplied by the assessee to the Board would be taken by way of adjustment to....

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.... assessee in view of the fact that the terms of compromise stipulated payment of instalments in cash as also by adjustment out of supplies to be made in future of motor vehicles at the stipulated rate of 10 per cent. It is the assessee's case that certain supplies were made, but the adjustment had not been made for years and only when the Board started levying execution, that it was found out that....