2014 (7) TMI 13

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....directed against the order of the Income Tax Appellate Tribunal dated 29th July, 2011 in Income Tax Appeal No.7523/MUM/2007. The assessment year in question is 199798. 2] The appellant before us is the assessee. He is claiming that he is an individual engaged in the business of manufacturing, trading and export of pharmaceutical items and bulk drugs. It is his claim that in order to conserve th....

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....Income Tax(Appeals) and the Tribunal have relied upon a decision in the case of Commissioner of Income Tax V/s. Shah Originals rendered by Division Bench of this Court reported in 2010 (327) ITR 19. However, there is a conflict between the views taken by the Division Bench in the case of Shah Originals and a prior Division Bench in the case of Commissioner of Income Tax V/s. Bangalore Clothing Co.....

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....e derived from export and which was deposited in the account and on which the interest was earned. It is this distinction which has been made throughout to deny the claim of the assessee. We do not find that this approach of the Tribunal or that of the Commissioner and the Assessing Officer is in any way perverse or vitiated by any error of law apparent on the face of the record. Even before us, i....

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....assessee. That was involving the receipts by way of brokerage, commission, interest, rent, labour charges etc. The illustrations given by the Division Bench would show that in case assessee carrying on the business of financing the interest income which accrues to the assessee will have the element of turnover and in such a case, receipts like interest, will not attract explanation (baa). The Divi....