Conditions prescribed in clauses (a),(b) and (c) of sub-section 7 of section 94 are intended to be cumulative in nature

HIGH COURT OF BOMBAY, CIT Vs. Alka Bhosle, APPEAL NO: ITA No. 2656 of 2009, DECIDED ON June 9, 2010 JUDGMENT (PER DR.D.Y.CHANDRACHUD, J.) : The following question of law has been formulated in the appeal by the Revenue under Section 260A of the Income Tax Act, 1961: “Whether on the facts and in the circumstances of the case and in law, ITAT was right in holding that clauses (a), (b) and (c) of Section 94(7) of the Income Tax Act, 1961, are to be satisfied independently or cumulatively.” 2. Section 94(7) of the Income Tax Act, 1961, as it stood at the material time,...