Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

2015 (4) TMI 510

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d by the judgment of the Supreme Court in P.R. Prabhakar [2006 (7) TMI 121 - SUPREME Court]. This Court also notices that view expressed in P.R. Prabhakar and International Research Park Laboratories has been noticed and approved subsequently in two Division Bench judgments - Lotus Trans Travels Pvt. Ltd. [2010 (12) TMI 126 - DELHI HIGH COURT] and Anil Chanana [2012 (9) TMI 17 - DELHI HIGH COURT].For the above mentioned reasons the appeal is answered against the revenue and in favour of the assessee. -Decided against the revenue. - ITA 69/2001 - - - Dated:- 7-4-2015 - S. Ravindra Bhat And R.K.Gauba JJ For the Appellant : Mr. Rohit Madan, Mr. Ruchir Bhatia and Mr. Akash Vajpai, Advs. For the Respondent : None M .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... by and whereunder the profit derived out of such commission/brokerage was confined to 10 per cent. of the income, the same, being clarificatory in nature, would have retrospective effect. On the said findings, answers to both the questions were rendered in the negative and in favour of the Revenue. 3. The Supreme Court took note of the plain meaning of the expression business of export and held that it includes trading of goods . The Court also relied on the circular of Central Board of Direct Taxes i.e. No.621 dated 19.12.1991, as well as the amendment which was brought into force from 1.4.1992. The Court expressed its conclusions in para 12 and 13 of the said judgment and in para 17, the Supreme Court in fact extracted and approved .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ose is also sauce for the gander. Secondly, we have just mentioned that this profit is profit derived from export and export is the basis or the foundation or the nexus. The argument of Shri B. B. Ahuja and all his effort to show to us that it has no reference to the export is, therefore, unacceptable to us. In our opinion, the argument advanced by Shri Ahuja overlooks the fact that the commission would not have come to the assessee had he not been engaged in the export business. He sought to justify his argument by referring to subsequent amendments made from April 1, 1992, whereunder as we have pointed out above by adding clause (baa) to the Explanation at the end of sub-section (4A) with effect from April 1, 1992, 90 per cent. of this co .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates