1990 (7) TMI 53

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..... the Income-tax Appellate Tribunal has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the sum of Rs. 1,12,237 representing the consideration received by the assessee for the transfer of the import licences granted to it has been rightly assessed as the income of the assessee .....

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..... said contention. Reliance was placed upon the decision in Kesoram Industries and Cotton Mills Ltd. v. CIT [1978] 115 ITR 143 (Cal), CIT v. Swadeshi Cotton Mills Ltd. [1980] 121 ITR 747 (All) an d CIT v. Universal Radiators P. Ltd. [1981] 128 ITR 531 (Mad). It is thereafter at the instance of the assessee that the Income-tax Appellate Tribunal has referred the question formulated hereinabove for t .....

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..... er of import licences granted to it and so rightly assessed as income of the assessee for the relevant assessment year. We answer the question referred to us in the affirmative, against the assessee and in favour of the Revenue. A copy of this judgment under the seal of this court and the signature of the Registrar shall be forwarded to the Income-tax Appellate Tribunal, Cochin Bench.
Case la .....

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