Principal Commissioner Of Income Tax ... vs Ossian Exports on 12 July, 2023

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Bombay High Court

Principal Commissioner Of Income Tax ... vs Ossian Exports on 12 July, 2023

Bench: K.R. Shriram

                                                 1/2                               6-ITXA-580-2018.doc




       Digitally    IN THE HIGH COURT OF JUDICATURE AT BOMBAY
       signed by
       PURTI
PURTI PRASAD           ORDINARY ORIGINAL CIVIL JURISDICTION
PRASAD PARAB
PARAB Date:
       2023.07.13
       11:01:08
       +0530
                           INCOME TAX APPEAL NO. 580 OF 2018

Principal Commissioner of Income
Tax (Central) - 4                                                         ....Appellant
      V/s.
Ossian Exports                                                            ...Respondent
                                    ----
Mr. Akhileshwar Sharma a/w Ms. Shilpa Goel for Appellant.
Mr. Jas Sanghavi i/b PDS Legal for Respondent.
                                    ----
                                 CORAM : K.R. SHRIRAM &
                                          FIRDOSH P. POONIWALLA, JJ.

DATED : 12th JULY 2023 P.C. :

1. Heard counsel. Appeal admitted. The following three substantial questions of law are framed. :

QUESTION OF LAW I. Whether the provisions of Section 51 of the Special Economic Zones Act, 2005 will over ride the provisions of Section 10AA of the Income Tax Act, 1961 (the Act) while determining the meaning of term services used in Section 10AA of the Act?

II. Whether on the facts and circumstances of the case and in law, the Tribunal was justified in allowing the claim of deduction under Section 10AA of the Act made by assessee in respect of the profits arising out of trading activity ?

III. Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in treating the interest earned by assessee from the Fixed Deposits kept with bank as margin money towards the credit extended by assessee to its foreign buyers as business receipts/ income and not income from other sources?

2. Respondent waives service.

3. The appeal to come up in due course.


Purti Parab




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                                           2/2                           6-ITXA-580-2018.doc

4. The Registrar (Judicial) / Registrar, High Court, Original Side, Bombay to ensure that the original record in relation to this Appeal is summoned from the tribunal and offered for inspection of the parties. This paper book is treated sufficient for the purpose of admission of this Appeal. However, the Registry must further ensure preparation of complete paper book in accordance with the Rules. The Registry in the first instance must send intimation of admission of this Appeal enclosing therewith a copy of this order so as to enable the Tribunal to act accordingly. (FIRDOSH P. POONIWALLA, J.) (K.R. SHRIRAM, J.) Purti Parab ::: Uploaded on - 13/07/2023 ::: Downloaded on - 13/07/2023 13:05:22 :::

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