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2013 (11) TMI 1379 - HC - Income TaxManagement and advisory fees - Business income or income from other sources - Held that:- The Assessing Officer has failed to examine the nature of the receipts independently - The appellant’s proprietorship concern M/s Litolier was appointed as ‘Investment Manager’ to invest and manage the funds and assets entrusted to him - The appellant has not maintained separate record for expenses incurred for separate sources of income and has shown all expenses incurred under one consolidated account for his convenience - Some expenditure must have been incurred for earning the management and advisory fees in terms of common expenses of office overheads, salaries, rent etc - The Assessing Officer has implicitly accepted that the expenditure is duly incurred for such business - The appellant also derives income from business of speculation, dealing, in shares, investments, loan finance and related activities in the name of M/s Ashok Mittal & Co. - The Assessing Officer has not been able to prove that the appellant did not carry out the stated activity of investment management - Decided against Revenue.
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