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Judgment
R.C. Mankad, Actg. C.J.
The Income Tax Appellate Tribunal has referred to us, for our opinion, the following question :
Whether, on the facts and in the circumstances of the case, the amount of Rs. 60,000 received by the assessee on his retirement from the firm of
M/s. Modi Dyes and Industries cannot be eligible to tax u/s 28(iv) of the Income Tax Act, 1961 ?
It is not necessary to set out the fact involved in this reference since the question which has been referred to us is directly covered by the
decisions of this court in CIT v. Mohanbhai Pamabhai [1973] 91 ITR 393, which is confirmed in Addl. CIT v. Mohanbhai Pamabhai, (1987) 165
ITR 166 (SC) by the Supreme Court and CIT v. Jayantilal Laxmichand (income tax Reference No. 111 of 1974, decided on September 4,
1975). Following the said decisions and for the reasons recorded therein, we answer the questions which has been referred to us for out opinion in
the affirmative and against the Revenue. Reference answered accordingly with no order as to costs.