Genuine transactions with tax saving motive are valid

CASE LAWS DETAILS DECIDED BY: HIGH COURT OF PUNJAB & HARYANA, IN THE CASE OF: Porrits & Spencer (Asia) Ltd. Vs. CIT, APPEAL NO: ITA No. 10 of 2004 (O&M), DECIDED ON March 31, 2010 RELEVANT PARAGRAPH 1. The assessee-appellant has approached this Court by invoking Section 260A of the Income-tax Act,1961 (for brevity, `the Act’) challenging order dated 3.6.2003,passed by the Income Tax Appellate Tribunal, Delhi Bench “D ” ,Delhi (for brevity,`the Tribunal ‘),in ITA No. 1711 (Del)/97,in respect of Assessment Year 1991-92.The Tribunal has upheld the view taken by...