2000 (11) TMI 18

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..... y whose industrial undertaking was nationalised. The Act under which it was taken over provided for compensation in a limited sum to be distributed to the classes of persons and in the order of priority provided in the schedule to the Act. The arrears of tax for the years prior to the date of nationalisation that is in 1986 is not an item for which first priority is given. That liability is not ta .....

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..... appeared for the company and the reference made at the instance of the company is therefore returned unanswered as that question has not been argued before us. So far as the reference made at the instance of the Revenue is concerned and which concerns the assessment year 1977-78, the question is as to whether the damages paid by the assessee under section 14B of the Employees' Provident Funds a .....

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..... enal levy as well as compensatory payment and that it is for the authority under the Act to decide the extent to which it is compensatory. Having regard to the law laid down by the apex court, the order of the Tribunal in holding that the amount of damages paid is to be allowed as deduction even without examining the extent to which the same can be regarded as compensatory, is not an order which .....

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