1998 PLP 1153 (PTD)
COMMISSIONER OF INCOME-TAX Versus VAKHARIA & CO.
| Citation | 1998 PLP 1153 (PTD) |
| Forum / Court | 224 I T R 729 |
| Bench Members | B. P. Saraf and M.L. Dudhat, JJ |
| Parties | COMMISSIONER OF INCOME-TAX Versus VAKHARIA & CO. |
| Primary Law | Income-tax |
Q1: What are the key laws and sections cited in 1998 PLP 1153 (PTD)?
This judgment primarily cites: Income-tax as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1998 PLP 1153 (PTD)?
The case was heard and decided by the 224 I T R 729 bench comprising: B. P. Saraf and M.L. Dudhat, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1998 PLP 1153 (PTD) (COMMISSIONER OF INCOME-TAX Versus VAKHARIA & CO.). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Headnotes / Summary
Brokerage and commission on foreign transaction between scheduled Banks and Exchange Control of Reserve Bank of India-- Not taxable as, professional income
Indian Income Tax Act, 1961. Held, that income derived by the assessee-firm from brokerage and commission on foreign transactions between scheduled Banks and Exchange Control of Reserve Bank of India was not taxable as professional income. CIT v. Lallubhai Nagardas & Sons (1993) 204 ITR 93 (Bom.) fol. T.U. Khatri with J.P. Devadhar instructed by Mrs. S.G. Shah for the Commissioner.
Judgment & Decree
DR. B. P. SARAF, J.
By this reference made under section 256(1) of the Income Tax Act, 1961, at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following question of law for the opinion of this Court: "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that income derived by the assessee firm from brokerage and commission on foreign transactions between scheduled banks and Exchange Control of Reserve Bank of India was taxable as 'professional income'?" It is stated before us that this case is covered by the ratio of the decision of this Court in CIT v. Lallubhai Nagardas & Sons (1993) 204 ITR
93. Following the same, it is answered in the negative and in favour of the Revenue. No order as to costs. M.B.A./1439/FC Order accordingly.