It is undisputed that the transaction involve two domestic companies, who are individual and independent subsidiaries of their own and independent holding companies. This is also not in dispute that neither of the holding companies could be called the AE of the other contracting party. This is also not in dispute that, there is any transaction, involving a non resident company.
We have heard the rival submissions and perused the material before us. In the preceding year, this forward contract profit was more than 6 crores. The nature of income was similar to preceding year in the year under consideration. Therefore, by following the order of the Co-ordinate Bench, we also held that the nature of receipt is business.
