GANESH CHHAGANLAL JAIN,MUMBAI vs. ADIT CPC BENGALURU , BENGALURU
In the result, appeal of the assessee is allowed
ITA 366/MUM/2024[2020-2021]Status: DisposedITAT Mumbai27 Aug 2024AY 2020-2021
Bench: Shri Amarjit Singh & Shri Rahul Chaudharyassessment Year: 2020-21
For Appellant: Shri Prakash JhunjhunwalaFor Respondent: Shri Preetam Kumar H. Turerao, SR. DR
Section 143(1)Section 207Section 207(2)(a)Section 234CSection 4
total income. In other words, tax can be collected on positive income and not on negative income. Therefore, income chargeable referred in section 207(2)(a) has limited interpretation and shall be limited to positive income and not to negative income.
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Ganesh Chhaganlal Jain ... case of Hariprasad & Co. held that ‘income’ includes loss but that analogy cannot be extended to expression ‘any income chargeable’
as mentioned in section 207(2)(a) of the I.T. Act.”
2. Fact in brief is that return of income declaring total income
