Mahindra Holdings and Finance Vs. Dcit - Court Judgment

Excerpt:

1. in the light of majority view, it is held that provisions of section 67a of the i.t. act can be invoked for computing total income of the assessee, as the word in the parenthesis in section 67a of the i.t. act qualifies the expression "association of persons or body of individuals" and not the member of such aop or boi. accordingly, the assessee succeeds in this ground no. 3 in ita no. 5319 of 2004.

Judgment:

1. In the light of majority view, it is held that provisions of Section 67A of the I.T. Act can be invoked for computing total income of the assessee, as the word in the parenthesis in Section 67A of the I.T. Act qualifies the expression "association of persons or body of individuals" and not the member of such AOP or BOI. Accordingly, the assessee succeeds in this ground No. 3 in ITA No. 5319 of 2004.