The Commissioner of Income Tax Guntur Vs Chegu Krishna Murthy and Co. Guntur

This appeal has been filed by the Revenue raising the below mentioned substantial question of law under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Hyderabad Bench ‘B’, Hyderabad in I.T.A. No.922/H/95 dated 14.06.2000 for the assessment year 1992-93.

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“Whether on the facts and in the circumstances of the case,

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the Tribunal is correct in law in holding that the term ‘receipt’ mentioned in Clause (baa) would constitute net receipts and not ‘gross receipts’ when the legislature had already taken into consideration the expenditure that would be incurred on earning the incomes referred to in CI. (baa) to explanation to Sec.80 HHC?”

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Both the learned counsel would submit that the issue involved in the present case is squarely covered by the judgment of the Hon’ble Supreme Court passed in the case of ACG ASSOCIATED CAPSULES PVT. LTD. v. COMMISSIONER OF INCOME-TAX^[1] .

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In the light of the judgment of the Hon’ble Supreme Court, the issue as required to be answered in favour of the assessee and against the Revenue and this appeal is disposed of, accordingly. There shall be no order as to costs.

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____________________________ JUSTICE G. CHANDRAIAH

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__________________________________ JUSTICE CHALLA KODANDA RAM

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Date: 10.03.2014 LSK

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[1] [2012] 343 ITR 89 (SC)

The Commissioner of Income Tax Guntur v. Chegu Krishna Murthy and Co. Guntur

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The Commissioner of Income Tax Guntur v. Chegu Krishna Murthy and Co. Guntur

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