1998 (7) TMI 31

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..... the assessee arise out of the assessment made of the assessee for the asst. yrs. 1977-78 and 1978-79 : "(i) Whether the Tribunal was right in coming to the conclusion that the receipt of Rs. 7,66,242 awarded as compensation by the arbitrator for non-supply of tippers in time was revenue in nature and hence taxable ? (2) Whether the Tribunal was right in law in holding that the interest of Rs. 2, .....

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..... party to the contract. The Tribunal however, after considering the arbitration award and in the claim made by the assessee for the amounts awarded were for work done and as interest an delayed payments the amount of Rs. 7,66,292 was found to have been paid for the work done by the assessee and the sum of Rs. 2,67,170 was paid by way of interest on the amount due to the assessee/contractor and the .....

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