ITAT explains difference between “derived from the undertaking” and “derived from the business of the undertaking”

Tema Exchangers Manufactures Pvt. Ltd Vs ACIT (Bombay High Court)

1. This appeal under Section 260A of the Income Tax Act, 1961 (the Act) was admitted on 18^th July, 2006 on the following substantial questions of law :-

(a) On the facts and in the circumstances of the case, whether the Income­-tax Appellate Tribunal was right in law in reversing the order of the CIT(A) and restor

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