2024 (7) TMI 730

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....w. Mr. S.J. Mehta i/b S.J. Mehta and A. Vissanji, Advocates. For the Respondents : Mr. Suresh Kumar, Advocate. ORAL JUDGEMENT   (PER, SOMASEKHAR SUNDARESAN) : 1. In this Appeal, the Assessment Year in question is 1997-98. The Appeal raises the following questions of law : (1) Whether on the facts and circumstances of the case, the sum of Rs. 2,33,726/- being the expenses ....

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....n rightly reduced from business income of the Appellant? 2. Learned Counsel for the Assessee fairly states that three out of the five questions have been answered against the Appellant by judgments of the Supreme Court, namely, Question No. 1, Question No. 4 and Question No. 5. Question No. 1 and Question No. 2 were also covered in Income Tax Appeal No. 250 of 2004 relating to Assessment Year 1....

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....conditions, the size of the deduction was to be computed as an amount equal to the profits of the business, as multiplied by the ratio between "export turnover" and "total turnover". If the "total turnover" were to be a lower number, the ratio would naturally be higher, leading to a larger multiple of the profits of business being considered, thereby leading to a larger deduction. 5. This issue....

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.... the Assessee and against the Revenue. 7. As regards, Question No. 4 and Question No. 5, Learned Counsel for the Assessee fairly states that both these questions stand answered against the Assessee and in favour of the Revenue, in the light of the judgment of the Supreme Court in the case of Commissioner of Income-Tax Vs. K. Ravindranathan Nair  295 ITR 228, 240 (20). The lease rent receiv....