2010 (3) TMI 232

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..... a personal reward for promotion of woollen mills. Such reward remittance do not fall within the purview of movable or immovable property and cannot possibly be termed as assets as defined under section 2 (e) of the Act – decided in favor of assessee - 69 of 1995 - - - Dated:- 30-3-2010 - CORAM: HON'BLE MR.JUSTICE ASHUTOSH MOHUNTA HON'BLE MR.JUSTICE MEHINDER SINGH SULLAR Present:- .....

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..... The cash incentive is a personal reward for promotion of woollen mills. Such reward remittance do not fall within the purview of movable or immovable property and cannot possibly be termed as assets as defined under section 2 (e) of the Act, in the obtaining circumstances of the case. Therefore, the question of law is answered in favour of the assessee and against the revenue. The instant refer .....

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