2016 (12) TMI 1802 - HC - Income Tax

Assessment of income of the Appellant in India - HELD THAT - Appeal admitted on the following substantial questions of law (i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in holding that the profits earned by the Appellant from its Oman branch are required to be included in the total income of the Appellant in India? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was correct in holding that the capital gains arising to the Appellant from the sale of its Oman and Qatar branches are required to be included in the total income of the Appellant in India? (iii) Whether a Notification issued on 28th August 2008 could have any application for the assessment year 2004 05? (iv) Whether, on the facts and in the circumstances of the case and in law, Notification No.91 dated 28th August 2008 was beyond the scope of section 90(3)? (v) Whether, on the facts and in the circumstances of the case and in law, the Notification issued under the erstwhile section 90(3) can still be regarded as operative? In the light of the limited controversy, liberty is granted to seek for an early date of hearing. We record the statement made by Shri Dastur, learned Senior Counsel appearing for the appellant that the questions (iii) and (iv) at page 19 of the Appeal memo are not being pressed for the reasons that they are covered by questions (i) and (ii), and some decisions in the field.

Summary

The High Court of Bombay heard an appeal regarding the inclusion of profits and capital gains from the appellant's Oman and Qatar branches in its total income in India. The court considered substantial questions of law related to the Tribunal's decision and granted liberty to seek an early hearing date. Some questions in the appeal memo were not pressed as they were covered by other questions and previous decisions.