1994 (11) TMI 76 - HC - Income Tax

Summary

The High Court of Kerala dismissed the application regarding an arbitration award of Rs. 8,90,241, stating that the amount should not be treated as profit but as part of contract receipts. The Tribunal justified treating only 11% of the award amount as profit, as it was related to cost escalation, not pure profit. The court found no merit in the application and upheld the Tribunal's decision. The original petition was dismissed.