A.M. Sapre, J.

1. This is an IT Reference made by Tribunal under Section 256(1) of IT Act, at. the instance of "assessee" to this Court for answering following questions of law:

1. Whether on the facts and in the circumstances of the case, the Tribunal was justified in declining to admit the additional ground regarding charging of interest under Section 234B of IT Act, 1961?

2. Whether on the facts and in the circumstances of the case, the Tribunal was justified in concluding that compensation of Rs. 5,18,62,396 received by assessee constituted revenue receipt and is liable to be assessed as revenue receipt?

3. Whether on the facts and in the circumstances of the case, the Tribunal was correct in holding that amount of Rs. 2,19,50,782 accrued to assessee in the asst. yr. 1992-93 and was rightly brought to tax in the said assessment year?

4. Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that the compensation amount of Rs. 5,18,02,396 could not be said to be income derived from an industrial activity and as such the assessee is not entitled to deduction under Section 80HH and Section 80-I of the IT Act?

2. Heard Mr. G.M. Chafekar