Commissioner Of Income Tax vs G.S.C. Industries (P) Ltd.
1999 Latest Caselaw 108 Del

Citation : 1999 Latest Caselaw 108 Del
Judgement Date : 8 February, 1999

Delhi High Court

Commissioner Of Income Tax vs G.S.C. Industries (P) Ltd. on 8 February, 1999

Equivalent citations: (1999) 155 CTR Del 640

ORDER

BY THE COURT:

This is a reference at the instance of Revenue with respect to asst. yr. 1972-73. Opinion of this Court is sought on the following question :

"Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that licence income enjoyed by the assessee-company from letting out of the 'Palace Cinema' was assessable under the head 'Profits and gains of the business'?"

2. A similar question of law with respect to asst. yrs. 1963-64 to 1969-70 was referred to this Court and by judgments dt. 5th May, 1981, and 17th Feb., 1994, in IT Ref. No. 7/71 and 179/74, respectively, this Court answered the question in favour of the assessee, holding that the licence income enjoyed by the assessee-company from letting out the cinema was assessable under the head "profits and gains of business".

Following the said decisions, we answer the question referred in the affirmative.

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Commissioner Of Income Tax vs G.S.C. Industries (P) Ltd.
1999 Latest Caselaw 108 Del

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Commissioner Of Income Tax vs G.S.C. Industries (P) Ltd.1999 Latest Caselaw 108 Del

LatestLaws Partner Event : IJJ

LatestLaws Partner Event : Smt. Nirmala Devi Bam Memorial International Moot Court Competition

Commissioner Of Income Tax vs G.S.C. Industries (P) Ltd.
1999 Latest Caselaw 108 Del