Commissioner of Income Tax Vs VakHaria and Co.

Bombay High Court 3 Nov 1995 Income-tax Reference No. 103 of 1984 (1997) 224 ITR 729

Bench: Division Bench

Acts Referenced

Judgement Snapshot

Income-tax Reference No. 103 of 1984

M.L. Dudhat, J; B.P. Saraf, J

T.U. Khatri and J.P. Devadhar, instructed by Mrs. S.G. Shah, for the Appellant;

Income Tax Act, 1961 — Section 256

Dr. B.P. Saraf J.

1. By this reference made under section. 256(1) of the Income Tax Act, 1961, at the instance of the Revenue, the Income Tax Appellate Tribunal

has referred the following question of law for the opinion of this court :

Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that income derived by the assessee-firm

from brokerage and commission on foreign transactions between scheduled banks and Exchange Control of Reserve Bank of India was taxable as

''professional income'' ?

2. It is stated before us that this case is covered by the ratio of the decision of this court in Commissioner of Income Tax Vs. Lallubhai Nagardas

and Sons, . Following the same, it is answered in the negative and in favour of the Revenue.

3. No order as to costs.

Judgement Snapshot