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In the result, the assessee’s appeal for AY 2004-05 is dismissed, and that of AY 2005-06 is partly allowed
Bench: Shri Sanjay Arora, Hon’Ble & Shri Manomohan Das, Hon'Ble
246 (Ker.) 7 | P a g e ITA Nos. 175 &176/JAB/2016 (A.Yrs. 2004-05 & 2005-06) Hajarimal Mishrimal Bafna v. Addl. CIT P. Mariappa Gounder v. CIT [1984] 147 ITR 676 (Mad.) 7.2 Income, which is by definition only net of expenses, is to be assessed and chargeable to tax only in the right year, law in the matter