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2016 (3) TMI 1457 - AT - Income TaxAttribution of income - receipt of arbitration award and interest thereon - allowability of expenses related to award - whether expenses incurred should have been allowed & only net income ought to have been taxed? - HELD THAT:- On verification of computation, it is found that payment of (vi) running bills, principal amount and thereon interest from 01/6/1993 to 31/5/1999 and balance payment (unmeasured work), principal amount and interest thereon from November, 1993 to 31/5/1999 , the Arbitrator has allowed principal amount of Rs. 1,36,983/- and thereafter interest at Rs. 1,80,818/-, thus, total amount has been worked by the Arbitrator at Rs. 3,17,801/-, remaining amount pertained to refund of security deposit of Rs. 76,210/- and interest thereon from November, 1993 to 31/5/1999 Rs. 95,025/- and litigation expenses of Rs. 30,000/-. Since the identical issue decided by the Coordinate Bench for A.Y. 2006-07 has already been challenged before the Hon'ble Jurisdictional High Court and the Hon'ble High Court has also framed question of law in the case of assessee which is pending for disposal. Assessee’s appeal is allowed for statistical purposes only.
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