9911796707
TMI Blog1992 (4) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee as a result of an arbitration award. The dispute before us relates to certain amounts awarded by the arbitrators as interest payable to the assessee. The amount of such interest about which there was dispute between the parties was mentioned by the Income-tax Officer as Rs. 4,30,549. But the Tribunal has found that the interest that can be taken into account for the assessment year under consideration was only Rs. 2,77,692. The assessee contended that the amount received by him by way of interest was really in the nature of damages and was not taxable as a revenue receipt. This contention was rejected by the Income-tax Officer as well as the Appellate Assistant Commissioner. Before the Tribunal, again, the assessee urged that the amou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee and, in this view of the matter, did not go into the second question. The Commissioner of Income-tax is in appeal. After some arguments before us, learned counsel for the assessee stated before us that, having regard to the facts and circumstances of the present case, his instructions are to concede the answer to the first question in favour of the Revenue. In other words, he is willing to proceed on the footing that the sum of Rs. 2,77,692 was only in the nature of a revenue receipt. In view of this concession, we express no considered opinion on the question which was argued at some length by learned counsel for the Revenue but answer the first question in favour of the Revenue. This brings us to a consideration of the seco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as a result of certain disputes between the parties. It cannot be separated from the other amounts granted to the assessee under the awards and treated as "income from other sources". The second question is, therefore, answered in favour of the assessee and against the Revenue. We are conscious that the second question has not been answered by the High Court in view of its answer to the first question. We have considered whether it is necessary to send the matter back for the decision of the High Court. But, having regard to the facts that the appeal relates to a very old assessment year (1972-73) and also that all the necessary facts and the decision of the Tribunal are available before us, we have also proceeded to answer the second ques ..... X X X X Extracts X X X X X X X X Extracts X X X X
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