TMI Blog2012 (11) TMI 632X X X X Extracts X X X X X X X X Extracts X X X X ..... of Section 176(3A) of the Act, this income is required to be added to the total income of assessee. The rate of 12.5% on this income is not the only taxable income but whole of receipt is the income to be taken into consideration and by indirect interpretation the receipt which is required to be taken into total income of the assessee under Section 176 (3A), can not be reduced to 12.5% as net tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant. 2. The questions raised are as under: 1. Whether on the facts and in the circumstances of the case, the Tribunal was justified in restricting the nett profit at 12.5% of receipt of Arbitration Award when it held that income had to be computed in accordance with Section 176 (3A) of the Income Tax Act ? 2. Whether the facts and in the circumstances of the case, the Tribunal was just ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T.(A), Ranchi, was challenged before the Income Tax Appellate Tribunal, Patna Bench, Patna by Revenue and the Tribunal in para-4 of its order specifically accepted the contention of the Revenue that the amount received by the assessee was received after discontinuance of business and, therefore, the said receipt is required to be added to the total income of the assessee under Section 176(3A) of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3A) of the Act. 5. We have considered the submission of the learned counsel for the appellant and perused the reasons given in the impugned order dated 8.8.2000 of I.T.A.T. We are of the considered opinion that this finding of facts has already been upheld by the Tribunal that assessee has received a sum of Rs.1348095/- after discontinuance of business and in view of Section 176(3A) of the Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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