1998 (10) TMI 29

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....ess of clearing and shipping agents and so, it should be taxed at the lower rate applicable to firms which carry on profession as provided in the Finance Act, 1982. The Income Tax Officer rejected the contention of the assessee. On appeal, the Commissioner of Income-tax held that the business of the assessee-firm could be treated as profession for calculating tax at the concessional rate provided ....

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....te Tribunal was right in holding that the business of the assessee firm could be treated as a profession for calculating the tax at the concessional rate provided under sub-paragraph II of paragraph C of the First Schedule of the Finance Act, 1982 ? (ii) Whether, on the facts and in the circumstances, the Appellate Tribunal was right in holding that even an assessee who carries on the business ....

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....he clearing and shipping agent to those who import or export, by attending to the documentation and ensuring the clearance of goods, cannot be regarded as profession based on intellectual attainments or personal service rendered on account of possession of specialized skill and knowledge based on higher learning and intellectual skill." and answered the question of law in favour of the Revenue ....

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....parties for the manufacture or production of articles other than those specified in the Eleventh Schedule to the Income Tax Act, 1961, is entitled to investment allowance under section 32A of the said Act. The answer to the second question has been settled in CIT v. Shaan Finance (P.) Ltd. (1998) 231 ITR 308 wherein it has been held the decision of the Supreme Court in that : "Where the busines....