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Showing 141 to 142 of 142 Records
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1993 (5) TMI 2 - RAJASTHAN HIGH COURT
Business Income, Income Tax Act ... ... ... ... ..... bal agreement in respect of different constituents and the activities, therefore, would amount to business. The Tribunal has proceeded only on the basis that some manual/professional skill is required for earning income from brokerage which could not be the only criteria. There should be some special qualification of a person apart from skill and ability, which is required in carrying on any activity which could be considered as profession. This could be by having education in a particular system either in the college or university or it may be even by experience. No such finding has been given by the Tribunal with regard to personal qualification and, therefore, we are of the view that the Income-tax Appellate Tribunal was not justified in coming to the conclusion that the income from brokerage should be assessed as professional income and not brokerage income. The reference is, accordingly, answered in favour of the Department and against the assessee. No order as to costs.
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1993 (5) TMI 1 - SUPREME COURT
Royalty paid to firm for use of trade name - Whether the Tribunal was right in holding that the sum of Rs. 1,79,742 could not be disallowed under section 40(c) - held that the payments in question did not fall within section 40(c). Accordingly, the appeals are allowed, the judgment of the High Court is set aside and the question referred to the High Court is answered in the affirmative, i.e., in favour of the assessee
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