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August 2013

Exports – Special deduction – Leasing right are ‘goods’ and transfer of such rights constitute ‘sale’ of merchandise / goods and the profits thereon are eligible for deduction u/s. 80HHC.

By Kishor Karia, Chartered Accountant
Atul Jasani, Advocate
Reading Time 1 mins
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Commissioner of Income-tax vs. Romesh Sharma [2013] 354 ITR 229 (SC).

 The High Court had dismissed the appeal of the revenue following its decision in Abdulgafar A. Nadiadwala (2004) 267 ITR 488 (Bom). 

On appeal, the Supreme Court noted that issue involved was whether leasing rights could be considered to be ‘goods’ and whether transfer of such rights would constitute ‘sale’. The Supreme Court dismissed the appeal of the revenue following its decisions in CIT vs. B. Suresh (2009) 319 ITR 149

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