1. Islamic Investment Co. v. UOI

Siemens Aktiengesellschaft, Mumbai vs. DDIT (It) 2(1), Mumbai

In the result, appeal of the assessee is allowed and appeal of the Revenue is dismissed

Bench: SHRI B R BASKARAN (Accountant Member), SHRI AMIT SHUKLA (Judicial Member)

…the business carried on by the assessee and thus assessable as a business income and not income from other sources. 56. Further, reference can be made on the decision of Hon'ble Bombay High Court in the case of Islamic Investment Co. v. Union of India [2004] 265 ITR 254 (Bom.) an extract of which is as under:- “However, as observed by the Supreme Court in All India Reporter Ltd. v. Ramchandra D. Datar AIR 1961 SC 943 when such amount becomes part of a judgment debt, it loses its original character and assumes the character of a judgment debt.” 57. Accordingly, this issue is decided in favour of the assessee hold…