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2004 (12) TMI 39 - HC - Income Tax"1. Whether the Appellate Tribunal is right in law in setting aside the order made by the Commissioner of Income-tax under section 263 of the Income-tax Act, 1961? 2. Whether the Appellate Tribunal is right in law in holding that the assessee should be assessed in the status of body of individuals?" - In the present case, as can be seen from the facts on record, three individuals were jointly donated a sum by the donor under a declaration dated June 21, 1981. The said sum was invested by them and interest income returned in the status of body of individuals. – Thus, it is apparent that the Tribunal has correctly held the status of the assessee to be body of individuals. – Both questions are answered in the affirmative, i.e., in favour of the assessee and against the Revenue.
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