COMMISSIONER OF INCOME TAX Vs. LAKSHMINARAYANA MINING CO

JUDGEMENT

(1.) IN this reference made under section 256(1) of the INcome-tax Act, 1961 (Central Act NO. XLIII of 1961) ("the Act"), the INcome-tax Appellate Tribunal, Bangalore Bench, Bangalore ("the Tribunal"), at the instance of the Revenue has referred the following two questions of law for the opinion of this court :

(2.) IN order to appreciate the questions referred to us, it is necessary in the first instance to notice the facts that are not in dispute and found by the Tribunal.

(3.) ON June 20, 1968, the assessee with prior approval of the Government transferred the leasehold rights of ML 130 to M/s Chougule and Company (P) Limited ("Chougule"), a reputed mining contractor of Goa, who indisputably paid a sum of Rs. 9,00,000 to the assessee on such transfer.