Document Fragment View
Fragment Information
Showing contexts for: MUTUALITY CONCEPT in M/S.Dollar Apparels vs The Income Tax Officer on 21 February, 2007Matching Fragments
(Delivered by P.D.DINAKARAN,J.) The above tax case appeals have been preferred by the assessee against the common order of the Income-tax Appellate Tribunal in ITA Nos.2247, 2248 and 2249/Mds/2004 dated 15.2.2004, raising the following substantial questions of law:
(1) Whether, on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in overlooking the concept of mutuality ?
(2) Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in law in overlooking the fact that in the absence of any "real income" is it permissible to contend that the interest credited is to be set off against interest paid, what is contemplated in Explanation (baa) is, "any other interest/ commission income which are otherwise taxable as "business income" like interest earned from money-lending business etc., and not the interests from these fixed deposits ?