Delhi Court August 1999 Judgments

Commissioner of Income Tax Vs. G.S.C. Industries (P) Ltd.

Court: Delhi

Reported in: (1999)155CTR(Del)641

ORDERBY THE COURT:This is a reference at the instance of Revenue with respect to asst. yr. 1973-74. Opinion of this Court is sought on the following question :'Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that license income enjoyed by the assessee-company from letting out of the 'Palace Cinema' was assessable under the head 'Profits and gains of the business'?'2. A similar question of law with respect to asst. yrs. 1963-64 to 1969-70 was referred to this Court and by judgments dt. 5th May, 1981, and 17th Feb., 1994, in IT Ref. No. 7/71 and 179/74, respectively, this Court answered the question in favor of the assessee, holding that the license income enjoyed by the assessee-company from letting out the cinema was assessable under the head 'profits and gains of business'.Following the said decisions, we answer the question referred in the affirmative....