Calcutta High Court
Principal Commissioner Of Income Tax-4 vs M/S.Krishi Rasayan Exports Pvt. Ltd on 10 July, 2018
Author: Aniruddha Bose
Bench: Aniruddha Bose, Amitabha Chatterjee
ORDER SHEET ITAT No.391 of 2017
GA No.3721 of 2017
IN THE HIGH COURT AT CALCUTTA
Special Jurisdiction [Income Tax]
ORIGINAL SIDE
PRINCIPAL COMMISSIONER OF INCOME TAX-4,KOLKATA
Versus
M/S.KRISHI RASAYAN EXPORTS PVT. LTD.
BEFORE:
The Hon'ble JUSTICE ANIRUDDHA BOSE
The Hon'ble JUSTICE AMITABHA CHATTERJEE
Date : 10th July, 2018.
Appearance:
Mr. Vipul Kundalia, Adv.
Ms. Soma Chatterjee, Adv.
..for Appellant.
Mr. Ranjit Kr. Murarka, Adv.
Mr. S. D.Verma, Adv.
Mr. P.Kr.Tripathi, Adv.
Mr. Asok Bhowmick, Adv.
..Respondent.
The Court:-Having heard Mr. Kundalia, learned Advocate appearing for the appellant, we admit the appeal on the following point which, in our opinion, involves substantial question of law: -
(i) Whether the interest subsidy and excise refund would be treated as capital receipt or revenue receipt for the purpose of computation of book profit under the provision of Section 115JB of the Income-Tax Act, 1961 ?
An application has been taken out for stay of operation of the decision of the learned Tribunal. Mr. Murarka, learned Advocate for the 2 assessee, in course of hearing of this application has submitted that in this appeal, the tax effect is zero and only academic questions are involved. On that ground, he urged, the appeal should be dismissed. But it is not possible for us to come to such finding at this stage without considering and adjudicating the point raised in this appeal. We do not consider it necessary to address the stay petition independently. The stay petition, accordingly, shall stand disposed of. The points raised by Mr. Murarka will be addressed by us at the time of hearing of the appeal.
Requirement of filing of paper books is dispensed with on consent as we are apprised by Mr. Kundalia that all the relevant materials have been annexed to the stay petition only. The scheme through which subsidiary has been given shall be produced before us in the form of a supplementary affidavit by the assessee.
Mr. Murarka waives service of notice of appeal. All other formalities for making the appeal ready shall stand dispensed with.
Let the appeal be listed in the monthly list of September, 2018.
(ANIRUDDHA BOSE, J.) (AMITABHA CHATTERJEE, J.) nm 3