To avail the benefit of s.57(iii) is that investment must be proper & justified

DECIDED BY: HIGH COURT OF ALLAHABAD, IN THE CASE OF: CIT Vs. Swapna Roy APPEAL NO: ITA No. 9 of 2005, DECIDED ON May 24, 2010 _______JUDGEMENT_______ 1. Appeal under Section 260-A of the Income Tax Act was admitted on 14.2.2005. The Court has not framed substantial question of law itself while admitting the appeal keeping in view the question of law framed by the appellant enumerated in the memo of appeal. After hearing learned counsel for the parties on 18.3.2010, the following substantial question of law was framed by the Court: 1. Whether the first appellate court and the tribunal had commi...