Case Law Details
Case Name : Shilpa Shetty Vs ACIT (ITAT Mumbai)
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All ITAT ITAT Mumbai
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Mumbai ITAT Ruling – Section 92 of the Act is not an independent charging section to bring in a new head of income or to charge tax on income which is otherwise not chargeable under the Act. Accordingly, the ITAT held that, if no income accrues or arises or is received by the assessee under section 5, no notional income can be brought to tax under section 92 of the Act.
Shilpa Shetty vs. ACIT (ITAT Mumbai), ITA Appeal Nos. 2445/Mum/2014
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