In The Commissioner Of Income Tax-1 v. M/S.blue Star Ltd, the High Court (2010) allowed the appeal. The decision went in favour of the Revenue.
Issue: The appeal was admitted on the following substantial question of law: “ Whether on the facts and in the circumstances of the case, the Tribunal was right in law in directing the AO not to exclude 90% of the gross receipts of commission and interest while arriving at the profits of the business eligi...
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J.
INCOME TAX APPEAL(L) NO.948 OF 2009
The Commissioner of Income Tax-1. Vs.
...Appellant.
M/s.Blue Star Ltd.
...Respondent.
....
Mr. Vimal Gupta with Mr.Suresh Kumar for the Appellant.Mr.J.B. Andhyarujina,Sr. Advocate with Mr. Balasaheb Yewale i/b. Rajesh Shah & Co. for the Respondent.
.....
CORAM : DR.D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ.
March 19, 2010.
P.C. :
The office objections are waived and the Registry is directed to register the appeal.
The appeal was admitted on the following substantial question of law:
“ Whether on the facts and in the circumstances of the case, the Tribunal was right in law in directing the AO not to exclude 90% of the gross receipts of commission and interest while arriving at the profits of the business eligible for deduction u/s. 80HHC?”
Counsel appearing on behalf of the Revenue and Counsel
appearing on behalf of the Assessee agreed that the question would
be covered in favour of the Revenue and against the Assessee by the judgment of this Court delivered today in CIT vs. Asian Star Co. Ltd. (Income Tax Appeal No.200 of 2009). The question is accordingly answered in favour of the Revenue and against the assessee for the reasons stated in the judgment. The appeal is allowed. There shall be no order as to costs.
( Dr.D.Y.Chandrachud, J.)
( J.P.Devadhar, J.)
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