1980 (9) TMI 16

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....ill also govern the disposal of Misc. Civil Case No. 29 of 1978. These applications under s. 64(3) of the E.D. Act, 1953 (hereinafter called " the Act ") have been filed by the CED, M. P., for directing the Tribunal to state the case and refer certain questions of law to this court for its opinion. The material facts giving rise to these applications briefly are as follows : The non-appli....

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....of the trust property and the income therefrom. During the pendency of that suit, parties agreed to refer the dispute to an arbitration by the late Nawab of Bhopal, who made his award on January 9, 1947, in favour of the plaintiff and directed that a sum of Rs. 7,00,000 which was held to be the market value of the shares, be paid within ten years in equal instalments. The payment of that amount wa....

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....n of Rs. 7,00,000. On appeal before the Appellate CED, the deduction to the extent of Rs. 3,50,000 was allowed. Aggrieved by that order, the accountable person as well as the Revenue preferred appeals before the Income-tax Appellate Tribunal, Indore Bench. The Tribunal allowed the appeal of the accountable person and dismissed the appeal filed by the Department. The Tribunal held that the entire l....