KVAVERNER JOHN BROWN ENGG. (INDIA) (P) LTD. Vs. ASSTT. COMMISSIONER OF INCOME TAX
LAWS(SC)-2006-12-108
SUPREME COURT OF INDIA
Decided on December 04,2006

Kvaverner John Brown Engg. (India) (P) Ltd. Appellant
VERSUS
ASSTT. COMMISSIONER OF INCOME TAX Respondents


Cited Judgements :-

TATA YODOGAWA LIMITED VS. COMMISSIONER OF INCOME TAX, [LAWS(JHAR)-2010-9-138] [REFERRED TO]


JUDGEMENT

- (1.)Leave granted.
(2.)The short question which arises for determination in these civil appeals is:
whether the appellant-assessee was liable to pay additional tax on account of adjustment on its return for the assessment year 1996-97 and 1997-98 under Section 143(1)(a) read with Section 143(1A) of the Income Tax Act, 1961 vide order dated 17-12-1997.

(3.)During the relevant assessment years, appellant claimed deduction under Section 80O of the Income Tax Act, 1961 (for short "1961 Act") in respect of qualifying income brought into India in convertible foreign exchange. In its return, appellant indicated the qualifying income as gross figure. By way of adjustment, under Section 143(1)(a) of the 1961 Act, the ITO restricted the qualifying income to the net figure. In other words, assessee claimed gross income, earned in foreign exchange, as qualifying income whereas the ITO granted deduction by restricting the claim of the assessee to the net income.
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