If income does not result at all, there cannot be a tax

IN THE ITAT MUMBAI BENCH ‘C’ Chemosyn Ltd. versus Assistant Commissioner of Income-tax, 8(3)(OSD) IT APPEAL NO. 6382 (MUM.) OF 2011 [ASSESSMENT YEAR 2007-08] SEPTEMBER 7, 2012 ORDER P.M. Jagtap, Accountant Member This appeal filed by the assessee is directed against the order of learned CIT(Appeals)-16, Mumbai dated 01-07-2011. 2. The issue raised by the assessee in ground No.1 of this appeal relates to the addition made by the AO and sustained by the learned CIT(Appeals) to the extent of Rs. 2,17,88,000/- on account of alleged consideration in the form of constru...