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No addition can be made under s 28(iv) in the absence of any business or profession relationships.
Case Law Details
- Case Name
- Dy. CIT Vs Kaizen Commercial Pvt Ltd (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2002-2003
- Courts
- All ITAT, ITAT Mumbai
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Dy. CIT v Kaizen Commercial Pvt Ltd
ITAT BENCH ‘E’ MUMBAI
ITA No. 5974/Mum/2005
Assessment Year: 2002-2003
Decided on: 10 June 2011
Order
Per: Vijay Pal Rao, JM:
This appeal filed by the revenue is directed the order dated 21.7.2005 of the CIT(A) relating to AY 2002-03.
2. The revenue has raised the following grounds:
“i) The ld. CIT(A) has erred in deleting the addition of Rs. 42 crores made u/s 28(iv).
ii) The ld. CIT(A) has erred in holding that no benefit at all arose to the assessee when in fact a huge benefit has arisen which is indicated by the ever-soaring value of the ...
