Case Law Details
Case Name : The Asst. Commissioner of IT Vs M/s. Mahindra Holidays & Resorts (India) Ltd. (ITAT Chennai)
Related Assessment Year : 1998- 99
Courts :
All ITAT ITAT Chennai
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This Tax Alert summarizes a recent ruling of the Special Bench of the Chennai Income Tax Appellate Tribunal (SB) [ITA Nos. 2412 to 2416/Mds/2005] in the case of M/s Mahindra Holidays & Resorts (India) Ltd. (Taxpayer) on the issue of tax ability, under the Income Tax Law (ITL), of timeshare membership fee received upfront by the Taxpayer in the initial year of enrollment of a member.
The SB held that the entire amount of timeshare membership fee receivable upfront by the Taxpayer, at the time of enrollment of a member, is not the income chargeable to tax in the initial year, on account of c...
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Please clarify whether any appeal has made by the department against the SB decision?