2024 (7) TMI 730

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....d 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 incurred in respect of municipal taxes, mainten....

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....ounsel 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 1995-96, which Appeal has been dealt with by us in another order passed t....

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....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 has been squarely covered by the Supreme Court in Commissioner of Income Tax ....

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....on 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 received by the Assessee would therefore not be part of the business income or turnover ....