9911796707
TMI Blog2017 (7) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... anced rent even to the extent of Rs. 5,95,083/which had been charged by the applicant to its sublessees and assessed to tax on accrual basis?" 2] We have heard the learned counsel for the Revenue as well as the learned counsel for the Assessee. 3] The Assessee is a partnership firm and tenant of Bombay Port Trust. The Bombay Port Trust charges rent under the provisions of the Bombay Rent Act (as it then was). The dispute is about the increase in the rent by the Bombay Port Trust. It is the case of the Assessee that it follows the Mercantile System of Accounting. It had debited a sum of Rs. 10,64,167/in its profit and loss account being the rent charged and payable to the Port Trust, inclusive of the enhanced rent. One of the customers of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equivocally accept the terms and conditions of the enhancement together with the amount of Rs. 12,747.43 towards compensation for February and March 1982. By its letter dated 12th May 1982, the assessee unequivocally accepted the terms and conditions mentioned in letter dated 28th April 1982. In such a case, the assessee would have cleared the compensation claimed by BPT amounting to Rs. 12,474.43. There is no scope for claiming any further enhanced rate of rent in this regard. Even till today, the assessee has not been able to produce any specific letter confirming unequivocal acceptance of the enhanced rent for which deduction has been claimed." 4] On the request of the Assessee the Tribunal has made the present reference. 5] It has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt reasons, the Board may review and revise the letting rates." 7] The Apex Court in paragraph 40 of the said judgment has held as under; "40. All the appeals are directed to be disposed of in terms of the following directions : (i) by this judgment and in these proceedings the controversy as to the rates of rent applicable to the lessees shall be deemed to have been resolved for the period 1.4.1994 to 31.3.2000; (ii) the 'Compromise Proposals' as approved by the Board of Trustees of the Port of Mumbai in their meeting held on 13.8.1991 which are very fair, just and reasonable, subject to the modification that the revision in rent from 1.4.1994, shall be on the basis of rates of return at 10% for nonresidential uses and 8% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cific grounds and relevant facts precisely in that regard in the office of the Bombay Port Trust under a written acknowledgement. The Bombay Port Trust shall maintain a register of all such representations filed. No representation filed after the expiry of six weeks from today shall be received or entertained. (viii) We request the High Court to appoint a retired Judge, preferably (and not necessarily) of the rank of District Judge, as a Sole Adjudicator of the objections/representations filed in terms of the above decision. The High Court shall appoint a place of sitting and the amount of remuneration to be paid per case (and not on per day basis) to the Adjudicator. The fee shall be paid by each lessee filing the representation for dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anyone does so the learned Adjudicator may impose costs on him which shall be payable to and recoverable under law by the BPT as arrears of rent. (xi) For the purpose of appointing an Adjudicator and dealing with application, if any, seeking resolution of difficulties, in terms of the preceding direction, we request the learned Chief Justice of the High Court of Bombay at Mumbai to assign this matter for being placed before any learned judge of his Court. We, on our part, suggest in the interest of expeditious disposal, that the matter may be assigned to any one of the judges available in the High Court out of those who had earlier dealt with the matter (i.e., the learned Single Judge who passed the order dated 1-10-1990/ 4-10-1990, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
