2017 (12) TMI 669

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....the appellant :Ms. Naushina Ali, Advocate For the Respondent : S. Rajeshwara Rao, Advocate JUDGMENT Thottathil B. Radhakrishnan C. J.- 1. These appeals under section 260A of the Income-tax Act, 1961 (in short the Act, 1961) are filed by the Revenue in relation to the assessment years from 2003-04, 2004-05, 2005- 06, 2006-07, 2007-08 and 2008-09. 2. The respondent-assessee is the Chh....

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....e outset is as to whether this court would be justified, through these appeals under section 260A of the Act, 1961, to interfere with the decision rendered by the Tribunal reversing the decision of the first appellate court which confirmed the assessment order and thereby holding that the income derived by the respondent-assessee is to be treated as falling under income to business and not income ....

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..... 7. The question as to how the transactions of the respondent-assessee has to be assimilated and understand for the purpose of imposing or classifying the provisions under which it becomes liable to tax under the Act, is essentially a mixed question of fact and law. We say this because the Tribunal has pointedly considered the nature of transactions to which the respondent-assessee becomes par....

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....fter duly adverting and considering the relevant facts and materials and by assimilating the nature of the transaction of the assessee-corporation. 8. Reverting to the judgment of the Constitution Bench of the apex court in Sultan Brothers (P.) Ltd. v. CIT [1964] 51 ITR 353 (SC) ; 1964 AIR SC 1389, it has to be noted that each case has to be looked at from a businessman's point of view to f....