PENINSULAR PLANTATIONS LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE assessee, Peninsular Plantations Ltd., gets concerned with these three proceedings in relation to the assessment for the year 1980-81, 1981-82 and 1982-83, respectively. THE questions that expect our answer, really concern the interpretation of the agreement dated August 16, 1979, to ascertain as to whether the amount of Rs. 1,02,000 received by the assessee therein could be considered as income from property or other sources. Although it appears that in I. T. R. No. 86 of 1982, there are four questions and in I. T. R. Nos. 63 and 64 of 1992, there are five questions, relating them together it would be seen that we have to answer the following five questions :

(2.) IT is necessary to mention that question No. 2 out of the above questions is found absent in the four questions in I. T. R. No. 86 of 1992. However, it does not alter the situation and answer to the question really involved as regards the interpretation of the agreement as stated at the outset.

(3.) CONDITIONS Nos. 6 and 7 specified the agreed conduct of the parties during the currency of the agreement. It would be necessary to reproduce the said conditions hereinafter :