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2022 (8) TMI 1235 - HC - Income TaxRevision u/s 263 - difference of opinion with the assessing officer in determining the nature of income of the settlement amount received by the assessee company from M/s. Danone Group, Singapore - whether the Commissioner could have invoked his power under Section 263 of the Act on the ground that the Assessing Officer did not conduct proper enquiry? - HELD THAT:- We need not labour much to decide this issue as the learned Tribunal has elaborately discussed the factual position and brought out as to how the Assessing Officer had conducted an enquiry into the aspect as to how the amount received by the assessee from foreign entity towards settlement of a civil dispute pertaining to a trademark has to be treated. Hon’ble Supreme Court in the case of Pr. CIT vs. Canara Bank Securities Ltd. [2019 (10) TMI 1512 - SC ORDER] by order dismissed the department’s appeal affirming the view taken by the Bombay High Court [2019 (2) TMI 2020 - BOMBAY HIGH COURT] wherein the High Court held that the question whether the income should be taxed as business income or has arisen from other source was a debatable issue and the Assessing Officer had taken the plausible view that it was a business income after due enquiries and therefore not open for the Commissioner to take such an order in revision. We are of the considered view that the learned Tribunal had rightly granted reliefs in favour of the assessee.
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