Case Law Details
Case Name : ACIT Vs VN Parekh Securities Ltd (ITAT Mumbai)
Appeal Number : ITA No.5243/Mum/2011
Date of Judgement/Order : 27/06/2012
Related Assessment Year : 2007-08
Courts :
All ITAT ITAT Mumbai
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With reference to the income treated as’income from other sources’, the CIT (A) analyzed the position of the income and noticed that it comprises of bad debts, miscellaneous receipts written back which were to be taxed under section 41(1) of the I.T. Act. With reference to the gratuity written back, he observed that assessee made provision for gratuity in earlier years which was not allowed as expenditure. Hence the write back of the same cannot be considered as income.
INCOME TAX APPELLATE TRIBUNAL, MUMBAI
ITA No.5243/Mum/2011 – (Assessment year: 2007-08)
ACIT Vs VN Parekh Securities Ltd
Date of Pronouncement: 27/06/2012
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