High Court Of Delhi
CIT vs. Eicher Goodearth Ltd.
Section 260A
D.K. Jain & Ms. Sharda Aggarwal, JJ.
IT Appeal No. 8 of 2002
13th August, 2002
Counsel Appeared
R.D. Jolly with Ms. Rashmi Chopra, for the Appellant : Ajay Vohra with Vinay Vaish, for the Respondent
ORDER
BY THE COURT :
Heard.
2. Admit .
3. The following substantial question of law is framed for adjudication :
“Whether in the facts and circumstances of the case the Tribunal was correct in holding that the amount received by the assessee on surrender of tenancy rights, amounting to Rs. 6,83,017, is a casual and non-recurring receipt under s. 10(3) of the IT Act not chargeable to tax ?
4. Insofar as, the first question proposed by the Revenue is concerned, we find that the Tribunal has decided the issue in favour of the assessee by placing reliance on its earlier order in respect of asst. yr. 1989-90 and further the fact that in respect of asst. yrs. 1986-87 and 1990-91 loss on account of foreign exchange fluctuation had been allowed by the AO himself. The Tribunal has also found as a fact that there has been no change in the circumstances in the present assessment year.
5. Mr. Jolly, learned senior standing counsel for the Revenue does not dispute the aforenoted factual position. A similar claim having attained finality, no fault can be found with the order of the Tribunal on the issue.
6. The appellant shall file within three months ten copies of the cyclostyled paper books, containing all documents on which reliance was placed before the Tribunal, including any order/orders, either in the case of the assessee itself or in case of any other assessee, which has been followed by the Tribunal. The appeal be listed for hearing in the regular course.
[Citation : 267 ITR 769]
