Income on account of upfront appraisal fees is business income not FTS

HIGH COURT OF BOMBAY Director of Income tax (International Taxation) V/s. Commonwealth Development IT APPEAL NO. 1058 OF 2011 JULY 9, 2012 JUDGMENT S.J. Vazifdar, J. This is an appeal under section 260-A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal dated 25th February, 2010, in respect of the assessment year 1998-99, dismissing the appellant’s Income-tax Appeal No. 1987/Mum/2006 and the respondent’s cross-objections. 2. The appeal is admitted on the following substantial question of law : “Whether the ITAT erred in dele...