9911796707
TMI Blog1984 (2) TMI 57X X X X Extracts X X X X X X X X Extracts X X X X ..... acts and in the circumstances of the case, and after having held that the import licence ranted to the assessee was not transferable under the Import Trade Policy, the Tribunal is right in law in holding that the profit on sale of a part of the licence accrued to the assessee during the previous year relevant to the assessment year 1969-70 and not in the assessment year 1970-71 ? (ii) Whether the Tribunal is right in law in concluding that the entire goods covered by the import licence worth Rs. 1,52,000 were received and sold during the previous year ending August 31, 1968, on the basis of a receipt of single consignment for a sum of Rs. 37,262 on August 30, 1968, and, therefore, the entire sum of Rs. 1,18,560 was assessable in the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onclusion that the profit of Rs. 1,18,560 was in fact assessable in the assessment for the year 1970-71. It appears that Messrs M. J. Spinners too was a partnership concern, rather a sister concern of the assessee, in a sense. The partners in that firm were the respective husbands of the three female partners in the assessee-firm. Already suspicious on account of such relationship, the ITO during the course of assessment proceedings for the assessment year 1970-71 required the assessee to explain as to why the said profit of Rs. 1,18,560 be not added in the total income for the assessment year 1970-71. The basis for asking such an explanation from the assessee apparently was that the transferee-firm had in the assessment year 1970-71 effec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he profit of Rs. 1,18,560 arose to the assessee in the assessment for the year 1970-71. After the appraisal of the entire evidence on the record, we are of the opinion that the profit of Rs. 1,18,560 is chargeable to tax during the assessment year 1969-70 and not during the assessment year 1970-71 which is under appeal." A cursory look at the questions posed by the Revenue shows that questions Nos. (i) and (ii), which are inextricably linked up, reveal no questions of law emerging therefrom. Whether the import licence was legally transferable or not under the Import Trade Policy is of no consequence when there is no dispute that income had accrued to the assessee, and that on such transfer, the transferee firm had, acting thereon, utilised ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
