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2016 (8) TMI 1408 - HC - Income TaxPayment made to ex-partners as allowable deduction - Held that - It is an agreed position between the parties that the question proposed by the Revenue in the appeal stands concluded against the Revenue and in favour of the respondent assessee by the decision of this Court in (i) Commissioner of Income Tax Vs. Kanga & Co. (2016 (2) TMI 573 - BOMBAY HIGH COURT), Commissioner of Income Tax Vs. Mulla & Mulla and Craigie, Blunt and Caroe 1990 (9) TMI 32 - BOMBAY HIGH COURT and Commissioner of Income Tax Vs. M/s. C.C. Chokshi & Co. (2013 (2) TMI 872 - BOMBAY HIGH COURT). No substantial question of law.
Issues:
Challenge to order of Income Tax Appellate Tribunal regarding deduction of payment made to expartners for Assessment Year 2007-08. Analysis: The High Court of Bombay heard an appeal challenging the order of the Income Tax Appellate Tribunal concerning the deductibility of a payment made to expartners for the Assessment Year 2007-08. The Revenue raised a question of law regarding the allowability of the sum of ?1,06,85,710 as a deduction. However, it was noted that previous decisions of the Court had already concluded this issue against the Revenue and in favor of the respondent assessee. The Court referred to specific cases where similar issues had been decided, emphasizing that the proposed question did not raise any substantial question of law due to the previous rulings. Consequently, the Court held that the question as proposed by the Revenue was not entertained. As a result, the appeal was dismissed, and no costs were awarded. This judgment highlights the importance of precedent and how previous decisions can impact the outcome of current cases. It also underscores the significance of legal principles and how they guide the interpretation and application of the law. The Court's analysis showcases a clear understanding of the legal framework and the relevance of established case law in determining the resolution of disputes. The decision reflects a meticulous examination of the facts and legal arguments presented, ultimately leading to a reasoned conclusion based on existing jurisprudence.
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