The Commissioner Of Income Taxbombay City – Iv v. M/S Pitamber & Co

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO. 347 OF 1997 The Commissioner of Income TaxBombay City – IV Vs. M/s Pitamber & Co. ..Applicant ..Respondent .... Mr. Suresh Kumar, Advocate for Applicant.Mr. S.J. Mehta, Advocate for Respondent. .... P.C.: CORAM : M.S. SANKLECHA & N.M. JAMDAR, JJ.DATED : 12[th] JUNE 2015 This reference under Section 256(1) of the Income TaxAct, 1961 at the instance of the Income Tax Appellate Tribunalseeks the opinion of this Court on the following question of law: “Whether on the facts and in the circumstances of thecase the Tribunal was right in law in holding that theassessee functioning as freight and characteredbrokers for shipping companies was engaged inprofession and not business and consequently directedto apply concessional rate of tax?” 2.It is agreed position that the aforesaid questions standsconcluded in favour of the revenue/applicant and against theassessee/respondent by the decision of this Court in CIT Vs.Jeevanlal Lalloobhai & Co. reported in 206 ITR 548. Accordingly,following the aforesaid decision of this Court, the question referredto us for our opinion is answered in the negative i.e. in favour ofthe revenue. 3.Accordingly, the reference is disposed of in above terms.No order as to costs. [N.M. JAMDAR, J] [M.S. SANKLECHA, J.]