Orient Blackswan (P) Ltd. v. ACIT

Principal Comm of Income Tax 3, Kolkata vs. M/S Britannia Industries Limited

The appeal is dismissed and the substantial

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 25Th August, 2022 Appearance : Mr. Prithu Dudhoria, Adv. ….For Appellant Mr. R.K. Murarka, Sr. Adv. Ms. Sutapa Roychowdhury, Adv. Ms. Aratrika Roy, Adv. …For Respondent The Court : This Appeal Filed By The Revenue Under Section 260A Of The Income Tax Act, 1961 (The Act, For Brevity) Is Directed Against The Order Dated October 28, 2016, Passed By The Income Tax Appellate Tribunal, “A” Bench, Kolkata, In I.T.A No.775/Kol/2015 For The Assessment Year 2009-2010. The Revenue Has Raised The Following Substantial Questions Of Law For Consideration :- “Whether On The Facts & Circumstances Of The Case & In Law, The Learned Income Tax Appellate Tribunal “A” Bench Erred In Quashing The Order Of The Principal Commissioner Of Income Tax –3, Kolkata Passed

…essing Officer considered all these factors and has reached a view that the income in dispute is chargeable under the head “Capital Gains”. Placing reliance on a decision of a Coordinate bench of Hyderabad Tribunal in Orient Blackswan (P) Ltd. Vs. ACIT (2016) 71 Taxmann.com 319 wherein under similar circumstances the question arose as to whether the compensation received under compromise in respect of putting an end to litigation and neither of the party precluded from using the trade mark then such a compensation cannot be treated as business income, he submitted that the view taken by the CIT also is equally lo…