COMMISSIONER OF INCOME TAX Vs. SENAPATI AND PARTNERS

JUDGEMENT

(1.) THE following questions have been referred to this court under Section 256(1} of the Income-tax Act, 1961 (in short "the Act "), by the Income-tax Appellate Tribunal, Cuttack Bench (in short " the Tribunal ") :

(2.) THE controversy centres round the taxability of certain amounts received by Messrs. Senapati and Partners (hereinafter referred to as the "assessee") for execution of contract works executed by it and the interest received on the basis of an arbitration award.