business transaction

Once it is held that the business transactions do not fall within section 2(22)(e), one need not to go further to section 2(22)(e)(ii) to take away the basic meaning, intent and purport of the main part of section 2(22)(e). Full Article

CASE DETAILS Decided by: ITAT, Mumbai Bench `B-1′ in the case of DCIT v Manish M. Chheda , Appeal No. ITA NO. 2703/Mum/07, Decided on : January 29, 2009 SUMMARY The increase in capital of partners as a result of revaluation of assets of the firm has no nexus with the business of the firm [...] Full Article