1978 (7) TMI 53

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....ARAMAIAH J.--The question referred by the Income-tax Appellate Tribunal, Bangalore Bench, under s. 256(1) of the I.T. Act, 1961, reads : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 2 lakhs could not be assessed as the income of the assessee for the previous year ending March 31, 1966 ? " The assessee is M/s. Mysore Tobac....

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....ther the amount of Rs. 2 lakhs was taxable income ; and (2) if it was taxable, in which year it had to be taxed. The first question, namely, the taxability of the amount, is not before us. The Tribunal has held that the amount is taxable. So far as the second question was concerned it was contended by the department before the Tribunal that the sum of Rs. 2 lakhs must be treated as income in the a....