DALMIA DAIRY Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) IN these references pertaining to the asst. yr. 1980 -81, the following questions of law have been referred for our opinion:

(2.) WHETHER on the facts and in the circumstances of the case, it was relevant or necessary for the Tribunal while considering the appeals for the asst. yr. 1980 -81 to give a finding that income by way of outstanding price, contractual interest and interest as per the awards up to 20th July, 1977 arose in the asst. yr. 1978 -79?

(3.) BROADLY the facts are that the assessed owned and possessed cement factories in Districts Jhelum and Karachi, both being in Pakistan. The assessed entered into a sale agreement dt. 24th July, 1962 with a party in Karachi and in terms of the agreement as well as the supplemental agreements entered into, both the factories were sold for an amount of Rs. 2,33,66,678 (Pakistani rupees). The amount was to be paid to the assessed in India and in the event of failure to make the payment, the disputes between the parties could be referred to arbitration of the International Chamber of Commerce.