1998 (2) TMI 35

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....: "Whether, on the facts and in the circumstances of the case, the assessee carrying on the business as clearing and shipping agents is entitled to be assessed at the tax rates applicable to a professional firm ?" 2. The assessment years relating to which this question has arisen are 1978-79 to 1981-82. The claim of the assessee international Clearing and Shipping Agency, Madras, was that it is....

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.... activity is not entitled to the benefit of the lower rate of tax applicable to registered firms provided in sub-para II of para C of Part I of Schedule I to the Finance Act, 1976, and the Finance (No. 2) Act, 1977. In so holding the Court relied on a earlier decision rendered by it in CIT vs. Lallubhai Nagardas & Sons (1993) 114 CTR (Bom) 58: (1993) 204 ITR 93 (Bom): TC 13R.253. 4. Learned coun....

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....fit. The compensation earned by the practitioner of a profession is by reason of the personal qualification possessed by him or her. 6. The observations of Scrutton L.J. in this regard in IRC vs. Maxse (1919) 12 Tax Cases 41 (C.A.): TC 12R. 170 follows : " 'Profession' in the present use of language involves the idea of an occupation requiring either purely intellectual skill, or if any manual ....