In The Commissioner Of I.t v. Banque National De Paris, the High Court (2007) decided the matter.
Decision: The reference is accordingly disposed of.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION.
INCOME TAX APPLICATION No.51 of 2002.
The Commissioner of I.T.
Applicant.
Vs.
Banque National De Paris
Respondent.
Mr B. M. Chatterjee dwith Mrs P. P. Bhosalefor the applicant.Mr H. Toor i/b Cr. Bayley & Co. for theRespondent.
CORAM:DR.S. RADHAKRISHNANAND V.C. DAGA,JJ.DATED:25TH JUNE, 2007.
P.C.:-
1. Heard the learned counsel for applicant and the learned counsel for therespondent.
2.The application pertains
assessment order of 1976-77 seeking reference
of the following question of law:-
"Whether on the facts and in thecircumstances of the case, the Tribunalwas right in law holding that the netamount of interest received fromGovernment or local authority or anyIndian concern would be excluded fromchargeable profits and consequentlyallowing the same under Section 1 (x) ofthe Sur Tax Act, 1964?"
By this application the petitioner
the
to the
of the Revenue and against the assessee. The
reference is accordingly disposed of.
(V.C. DAGA,J.)
(DR.S. RADHAKRISHNAN,J.)
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