TMI Blog1998 (11) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... by DR. B. P. SARAF J.---By this reference under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following questions of law to this court for opinion at the instance of the Revenue: " 1. Whether, on the facts and in the circumstances of the case, and in law, the Tribunal was right in holding that the business of construction carried on by the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19,930 thereon ? 5. Whether, on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the amount in credit in the foreign exchange reserve account represented profit or gain of the assessee when the foreign currency had been converted into rupees at the rate prevailing at the end of the year only for account purposes, although it had remained outside I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enue and against the assessee. The only question that requires consideration is question No. 5. The material facts necessary for deciding the controversy in this question, briefly stated, are as follows : The assessee had taken up some contract works in the Middle East countries. Against such contracts, advances were received by the assessee, which had to be adjusted against the running bills ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmissioner (Appeals) was confirmed by the Income-tax Appellate Tribunal ("the Tribunal"). Hence, this reference at the instance of the Revenue. We have heard Mr. R. V. Desai, learned counsel for the Revenue, as also, Mr. S. J. Mehta, learned counsel for the assessee. The uncontroverted factual position is that the amount in question lying in the exchange reserve account did not even belong to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
