1997 (12) TMI 87

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..... gh in respect of the same assessee and on the same facts and law. The questions referred for the opinion of the High Court are : Assessment year 1973-74 (ITR No. 211 of 1985) : "Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that no income within the meaning of section 2(24)(iv) is assessable in the hands of the assessee?" Assessment yea .....

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..... the Tribunal which has been dismissed. Learned counsel for the Revenue has relied on the Division Bench decision of the Madras High Court in Addl. CIT v. Late A. K. Lakshmi [1978] 113 ITR 368. The facts of the case bear a close resemblance to the fact of the case at hand. During the course of its judgment, the Division Bench has observed : "If either due to magnanimity or with a view to help a .....

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..... s High Court. We may, however, state that no decision to the contrary has come to our notice. For the forgoing reasons, we are of the opinion that the Tribunal was not correct in law in holding that there was no income within the meaning of section 2(24)(iv) assessable in the hands of the assessee. Both the questions are answered in the negative, i.e., in favour of the Revenue and against the .....

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