9911796707
TMI Blog1989 (8) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... of a capital receipt and partly of a revenue receipt '? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the revenue portion of the aforesaid receipt represented the assessee's share of profits for the assessment years 1975-76, 1976-77, 1977-78 and 1978-79 and should be, spread over and apportioned as such ?" At the instance of the assessee : " (iii) Whether the Tribunal was justified in holding that part of the amount of Rs. 70,000 received by the assessee was attributable to the assessee's share of profits in terms of section 37 of the Indian Partnership Act and, accordingly, liable to tax in her hands ?" The material facts giving rise to this reference as set out in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee's right to share the future profits in the firm and, to that extent, it was of a capital nature. The Tribunal further held that part of the amount received by the assessee was attributable to the share of profits that the assessee was entitled to under section 37 of the Partnership Act and that it would have to be spread over the four years in question. In this view of the matter, the Tribunal remanded the case to the Income-tax Officer for determining the capital and revenue portions of the amount received by the assessee and for apportionment of the revenue portion in the four years in question. Aggrieved by the order passed by the Tribunal, the Revenue as well as the assessee sought reference and that is how the aforesaid que ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etc., and had failed to render accounts to the assessee in spite of various oral demand" The Tribunal, however, has not given any finding on the question as to whether the firm Star Agency, of which the assessee was a partner, was or was not dissolved and that if it was dissolved, the date on which it was dissolved. Though the Tribunal has referred to the agreement between the assessee and other partners whereby the disputes between them arising out of expulsion of the assessee from the partnership were settled and the assessee was paid a lump sum, neither the agreement is on record, nor has the Tribunal referred to the terms and conditions of that agreement. In our opinion, the statement of the case submitted by the Tribunal is not suff ..... X X X X Extracts X X X X X X X X Extracts X X X X
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