2000 (2) TMI 10 - SC - Income Tax

Compensation/damages for loss of agricultural income and other liabilities in a sum of Rs. 3,66,649 - Commissioner noted that the ITO passed the order of nil assessment without application of mind - Tribunal was justified in holding that there was evidence before the CIT that the assessment order was erroneous and prejudicial to the interests of the Revenue and Tribunal was justified in holding that Rs. 3,66,649 was a taxable receipt for the assessment year 1983-84