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Case Law Details

Case Name : M/s. Dolphin Adventure Sports Ltd. Vs. The Income Tax Officer (ITAT Mumbai)
Related Assessment Year : 2007-08
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Major source of income credited by the assessee company in the profit and loss account is “Other Income” of Rs. 3,00,000/- and Rent of Rs. 1,49,000/-. The assessee had not carried out any business activity in the current year nor the assessee has produced any evidences in support of its argument that it has actively pursuing its business activity. The profit and loss account reveals that the assessee credited Rs. 4,49,000/- as above and claimed expenditure of Rs. 5,24,298/- being administrative exp and depreciation.

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