Commissioner of Income-tax, LTU v. S I Group India Ltd
[Citation -2015-LL-0121-82]
| Citation | 2015-LL-0121-82 |
|---|---|
| Appellant Name | Commissioner of Income-tax, LTU |
| Respondent Name | S I Group India Ltd. |
| Court | HIGH COURT OF BOMBAY |
| Relevant Act | Income-tax |
| Date of Order | 21/01/2015 |
| Assessment Year | 2005-06 |
| Judgment | View Judgment |
| Keyword Tags | substantial question of law • remission of loan liability • capital receipt • business income |
| Bot Summary: | Mr.A.K.Jasani, for the Respondent. This appeal by the Revenue under Section 260A of the Income Tax Act,1961 challenges the order dated 9.8.2012 passed by the Income Tax Appellate Tribunal. The appellant- Revenue has formulated the following question of law for our consideration:- Whether on the facts and circumstance of the case and in law, the Tribunal is right in holding that discount on sales tax deferment under package scheme of incentives, 1993 of Govt. Of Maharashtra is not chargeable to tax as business income of the assessee under Section 41(1) of the ::: Uploaded on - 23/01/2015 ::: Downloaded on - 17/04/2020 09:49:44 ::: Pvr 2/2 925itxa289-13.doc Income Tax Act,1961 and the same is exempted from tax as capital receipt being remission of loan liability 3. It is agreed between the parties that the question as formulated stands answered against the Revenue and in favour of the Assessee by virtue of the decision of this Court rendered on 5.12.2014 in Income Tax Appeal No.271 of 2012 and Income Tax Appeal No.358 of 2012 in respect of the same Respondent - Assessee for the earlier Assessment Year. Accordingly, no substantial question of law arises for our consideration. |