2002 (6) TMI 39

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..... for the Farakka Barrage Project during the period January 1, 1966 to September 30, 1969, was not a revenue receipt but only a capital receipt in the hands of the assessee? - 2. Whether, on the facts and in the circumstances of the case the Appellate Tribunal was right in holding that the source being the work executed by the firm and that as it passed on to the assessee, Shri J.H. Tarapore in term .....

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..... s of the assessee? 2. Whether, on the facts and in the circumstances of the case the Appellate Tribunal was right in holding that the source being the work executed by the firm and that as it passed on to the assessee, Shri J.H. Tarapore in terms of the settlement deed, it can only be an application of income?" We are not setting out the facts involved as they are covered in paragraphs 4 to 7 .....

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..... n such receipt would amount to "income" in the hands of the assessee. In that view, we do not deem it necessary to take any different view in respect of the amount in question Rs.9,82,068 (Rs.9,90,426 minus interest of Rs.8,358) which was nothing but a fall-out of the arbitration award dated May 8, 1978, made at the instance of the assessee. We have already held the similar amount as the "revenue .....

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