1999 (4) TMI 29

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..... tion 256(2) of the Income-tax Act, 1961, for requiring the Income-tax Appellate Tribunal to refer the following two questions, stated to be questions of law arising out of its order dated August 16, 1995 : "(i) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in holding that the amount of Rs. 4,48,819 received by the assessee as subsidy .....

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..... axable. He consequently took an appeal before the Commissioner of Income-tax (Appeals) but failed. He then carried a further appeal to the Income-tax Appellate Tribunal and succeeded there. The Tribunal referring to some judgments on the subject-matter concluded that the Revenue authorities had erred in treating the disputed amount as revenue receipt. The Revenue thereafter filed an application .....

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