Mumbai Court June 2001 Judgments
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Mrs. Uma Borkar Vs. Income-tax Officer
Court: Income Tax Appellate Tribunal ITAT Mumbai
Decided on: Jun-01-2001
Reported in: (2002)83ITD453(Mum.)
1. This appeal by the assessee is directed against the order of CIT(A) XXII, Mumbai. In this appeal, the assessee has raised as many as 4 grounds. However, they are all against the addition of Rs. 91,519 made by the Assessing Officer by way of prima facie adjustment in respect of withdrawal of the balance of National Saving Scheme.2. At the time of hearing us, the learned representative for the assessee argued at length. He stated that the assessee made investment of Rs. 58,200 during the period March 1990 to March 1992 under National Saving Scheme (NSS). On 7-6-1995, the assessee withdrew a sum of Rs. 91,519 from the said account. The assessee offered the said receipt of Rs. 91,519 under the head "capital gains". That the Assessing Officer by way of prima facie adjustment taxed the entire sum of Rs. 91,519 as income from other sources under Section 80CCA(2). It is contended by the ld representative that under Section 80CCA(2), it is not specified under which head the amount withdrawn...
Mrs. Uma Borkar Vs. Ito
Court: Mumbai
Decided on: Jun-01-2001
Reported in: (2001)72TTJ(Mumbai)985
ORDERG.D. Agarwal, A.M.This appeal by the assessee is directed against the order of Commissioner (Appeals) XXII, Mumbai. In this appeal, the assessee has raised as many as 4 grounds. However, they are all against the addition of Rs. 91,519 made by the assessing officer by way of prima facie adjustment in respect of withdrawal of the balance of National Savings Scheme.2. At the time of hearing, the learned representative for the assessee argued at length. He stated that the assessee made investment of Rs. 58,200 during the period March, 1990, to March, 1992, under National Savings Scheme (NSS). On 7-6-1995, the assessee withdrew a sum of Rs. 91,519 from the said account. The assessee offered the said receipt of Rs. 91,519 under the head 'capital gains'. That the assessing officer by way of prima facie adjustment taxed the entire sum of Rs. 91,519 as income from other sources under section 80CCA(2). It is contended by the learned representative that under section 80CCA(2), it is not spec...
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