M/S. Aggarwal And Modi … vs The Commissioner Of Income Tax on 21 January, 2016

% 21.01.2016

1. These are thirteen appeals by the Assessee under Section 260A of the
Income Tax Act, 1961 (‘the Act’) pertaining to Assessment Years (AYs)
1987-88 to 1992-93, 1995-96, 1997-98 to 2001-2002 and 2003-2004. The
question of law framed by the Court vide its order dated 21 st September,
2004 in ITA Nos. 353, 354 and 355 of 2003, which is similar to the ones
ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006;
framed in the other appeals, reads as under:
Background Facts
2. The Assessee was engaged in the business of running a cinema hall in the
name of Chanakya Cinema at Yashwant Place, which belonged to the New
Delhi Municipal Council (‘NDMC’). In terms of an Agreement dated 16th
September, 1970 entered into with the NDMC, the Assessee obtained a
licence for running a cinema hall for a period of ten (10) years (i.e., from 1st
October, 1970 to 30th September, 1980) against payment of licence fee of
Rs. 5,51,111/- per annum. Clause 1 of the Agreement gave an option to the
Assessee to get his licence renewed for a further period of ten (10) years on
the terms and conditions to be mutually agreed to between the parties.

Source: Indian Kanoon

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