TMI Blog2007 (1) TMI 160X X X X Extracts X X X X X X X X Extracts X X X X ..... es to the assessment year 1990-91. The question of law raised is as follows: "Whether on the facts and in the circumstances of the case the Appellate Tribunal is right in holding that the amount of Rs. 43,25,266 received from the Coffee Board forms part of taxable net wealth of the applicant or not?" It is stated that the assessee received a sum of Rs. 43,25,266 from the Coffee Board being the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aring for the assessee submitted that the amount returned to the assessee was kept in trust and that considering the undertaking by the assessee to refund the sum to the Coffee Board in the event of decision against the Coffee Board in the appeal before the Supreme Court, the property thus loaded with a condition, would not be the property of the assessee. He contended that it would become the abs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scope of liability. We agree with the submission made by learned counsel for the Revenue. It is seen from the order passed by the Tribunal in the proceedings relating to the Income-tax Act that the liability at the hands of the assessee had been confirmed as regards the interest earned on the amount received as a refund. In the course of the order, the Tribunal has pointed out that even as on th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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