Femstex Trading Co. Ltd. v. C.I.T.-8, Mumbai
[Citation -2014-LL-0310-39]

Citation 2014-LL-0310-39
Appellant Name Femstex Trading Co. Ltd.
Respondent Name C.I.T.-8, Mumbai
Court SUPREME COURT
Relevant Act Income-tax
Date of Order 10/03/2014
Judgment View Judgment
Keyword Tags deduction under section 80hhc
Bot Summary: The appellant had filed Review Petition No.54 of 2011 against order dated 18/10/2010 of the Bombay High Court in Income-Tax Appeal No.2267 of 2010 wherein the High Court had remitted the proceedings to the Assessing Officer with direction to dispose it of in accordance with the judgment of the Bombay High Court in C.I.T. v. Kalpataru Colours Chemicals 328 ITR 451. The said review petition was dismissed by the High Court by the impugned order. Admittedly, the said judgment in Kalpataru Colours Chemicals is overruled by this Court in Topman Exports v. C.I.T., Mumbai 3 SCC 593. Our attention is drawn to the order of this Court in M/s. Shreyas Impex, Mumbai v. Asstt. In that order, after quoting extensively from Topman Exports, this Court has set aside the High Court's judgment and directed the Assessing Officer to compute the deduction under Section 80HHC of the Income Tax Act, 1961 in light of the observations made by this Court in Topman Exports. The impugned order is set aside and the Assessing Officer is directed to compute the deduction under -3- Section 80HHC of the Income Tax Act, 1961, in the light of the observations made by this Court in Topman Exports. UPON hearing counsel the Court made the following ORDER The Civil Appeal is disposed of in terms of the signed order.


IN SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO.7945 OF 2012 Femstex Trading Co. Ltd. ... Appellant(s) Vs. C.I.T.-8, Mumbai. ... Respondent(s) ORDER 1. appellant had filed Review Petition No.54 of 2011 against order dated 18/10/2010 of Bombay High Court in Income-Tax Appeal No.2267 of 2010 wherein High Court had remitted proceedings to Assessing Officer with direction to dispose it of in accordance with judgment of Bombay High Court in C.I.T. v. Kalpataru Colours & Chemicals (2010) 328 ITR 451 (Bom.). said review petition was dismissed by High Court by impugned order. Admittedly, said judgment in Kalpataru Colours & Chemicals is overruled by this Court in Topman Exports v. C.I.T., Mumbai (2012) 3 SCC 593. This Court has in this -2- judgment settled interpretation of provisions of Taxation Law (Second) Amendment Act, 2005. 2. Our attention is drawn to order of this Court in M/s. Shreyas Impex, Mumbai v. Asstt. Commissioner of Income Tax-14 (3) Mumbai (Civil Appeal Nos.782 of 2014 @ SLP (Civil) No.19893 of 2012) dated 20/1/2014 where similar issues were involved. In that order, after quoting extensively from Topman Exports, this Court has set aside High Court's judgment and directed Assessing Officer to compute deduction under Section 80HHC of Income Tax Act, 1961 in light of observations made by this Court in Topman Exports. 3. In view of above, parties are agreed that similar course must be followed in this case. 4. Hence, impugned order is set aside and Assessing Officer is directed to compute deduction under -3- Section 80HHC of Income Tax Act, 1961, in light of observations made by this Court in Topman Exports. 5. civil appeal is disposed of. .........................................J. [RANJANA PRAKASH DESAI] .........................................J. [MADAN B. LOKUR] NEW DELHI; MARCH 10, 2014. ITEM NO.42 COURT NO.13 SECTION IIIA SUPREME COURT OF INDIA RECORD OF PROCEEDINGS CIVIL APPEAL NO(s). 7945 OF 2012 FEMSTEX TRADING CO.LTD. Appellant (s) VERSUS C.I.T-8 MUMBAI Respondent(s) (With office report) Date: 10/03/2014 This Appeal was called on for hearing today. CORAM : HON'BLE MRS. JUSTICE RANJANA PRAKASH DESAI HON'BLE MR. JUSTICE MADAN B. LOKUR For Appellant(s) Mr. N.D.B. Raju, Adv. Mr. Akhileshwar Sharma, Adv. Mrs. Bharathi R., Adv. Mr. N. Ganpathy,Adv. For Respondent(s) Mr. Arijit Prasad, Adv. Ms. Sadhana Sandhu, Adv. Ms. Sriparna Chatterjee, Adv. Mrs Anil Katiyar,Adv. UPON hearing counsel Court made following ORDER Civil Appeal is disposed of in terms of signed order. |(Vishal Anand) | |(Indu Pokhriyal) | |Court Master | |Court Master | (Signed Order is placed on file) Femstex Trading Co. Ltd. v. C.I.T.-8, Mumbai
Report Error