Income from other source should be compute as per the provision of sec 57of the Act

Last updated: 28 April 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
Out of the 05 (Five) Grounds of Appeal filed by the appellant against the order of the CIT(A) dt. 01-12-2010, the following 03 (Three) Grounds of Appeal are effective. They are: “The learned CIT(A) 21 erred in upholding the adding back to the total income fresh loans obtained to the tune of Rs. 30,92,425/- by treating the same as unexplained credit under section 68 of the Income Tax Act, 1961. The learned CIT(A) erred in upholding taxing of income from business in respect of hut/tents tariffs and food and beverages received from tourists under the head income from other sources. The learned CIT(A) ought to have considered that during the same year the same A.O. has accepted in her order under section 115 WE(3) of I.T. Act, that the Appellant has received rents from seasonal rents/huts which are rented out to tourists, for parties and picnics and that the relevant details were verified and placed on records”

Citation :
M/s. Dolphin Adventure Sports Ltd.,C/o. Mr. Sharookh Phiroze Balsara, 201,Helen Haven, 33 ST. Cyril Road,Bandra (West)Mumbai – 400 050 PAN: AABCD 4247J (Appellant)Vs.The Income Tax Officer,10(1)(2)4th Floor, Aayakar Bhavan Mumbai-20 (Respondent)