2016 (6) TMI 534

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....in the circumstance of the case and in law, the Tribunal was correct in holding that mesne profits are capital receipts in the hands of the assessee and not revenue receipts chargeable to tax? (b) Whether on the facts and in the circumstance of the case and in law, the Tribunal was correct in holding that mesne profits, cannot be part of book profit u/s. 15JB, as it was held as capital assets?". 3. The impugned order of the Tribunal has held that the mesne profits received by the Respondent-Assessee for the unauthorized occupation of its premises from Central Bank of India is a receipt of capital nature and thus not taxable. To reach the above conclusion, the impugned order placed reliance upon the decision of Special Bench of the Trib....

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....supra), has been restored to the file of this Court. Further, the Revenue was directed to put on record the reason why the Revenue seeks to challenge the impugned order in the face of the order of the Special Bench of the Tribunal in Narang Overseas Pvt. Ltd., (supra) which appears to be undisturbed. 5. Today, when the Appeal was called out, Mr. Chhotaray, learned Counsel appearing for the Revenue on instruction states that till date no proceedings had been filed in this Court, seeking to restore its appeal in the case of Narang Overseas Pvt. Ltd., (supra) dismissed on 25th June, 2009. However, he further states that the Revenue is still in the process of ascertaing the reason for non-removal of office objections in Income Tax Appeal (L) N....

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....5] 377 ITR 66 (Bom); I.T.A. No.269 of 2013 CIT v. SBI dated February 4, 2015 [2015] 375 ITR 20(Bom); I.T.A. No. 330 of 2013 DIT v. Citibank N. A. dated March 11, 2015 - [2015] 377 ITR 69 (Bom).) Filing of appeal under Section 260A of the Act is serious issue. The parties who seek to file such appeals (which are normally after two tiers of appeal before the authorities under the Act) must do so after due application of mind and not raise frivolous / concluded issues. This is certainly expected of the State.." 8. Thus, on the above ground alone, we see no reason to entertain the present appeal. 9. However, Mr. Chhotaray, learned Counsel appearing for the Revenue, submitted that decision of the Special Bench of the Tribunal in Narang Ove....