9911796707
TMI Blog1949 (1) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Income-tax Tribunal under Section 66(1) of the Income-tax Act, at the instance of the Commissioner of Income-tax (East Pakistan), for our opinion on questions, which by agreement between the parties, came to be formulated as follows:-- I. (a) Whether, in the circumstances of the case, the sum of ₹ 50,000 paid as salami is in the nature of compensation and as such not assessable to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Department and appointed Mr. S. K. Ghose as Chief Refugee Administrator. With a view to opening a refugee camp, Mr. Ghose in 1943 inspected some lands of the Burdhan Kuti Estate in the District of Rangpur, and on approving the site took a temporary lease of about 5,000 bighas of waste lands in the Kantabari area in the said estate, agreeing to pay ₹ 50,000 as salami and ₹ 5,000 as year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion under Section 4(3)(viii) of the Act. But the above objection was overruled by the Income-tax Officer and the appeal there from before the Assistant Commissioner met with no better fate. The assessee thereupon preferred an appeal before the Income-tax Tribunal. As the Tribunal agreed with the contentions put forward by the assessee, the Commissioner of Income-tax obtained the reference as set o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ury can be said to have been caused to the land and no part of the corpus itself, i.e., the soil in this case, can be said to have been reconverted into money so as to make the salami compensation or a capital receipt. No hard and fast rule can be laid down but each case is to be decided on its own facts. I am of opinion that the salami of ₹ 50,000 which has been received should in the prese ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
