2003 (10) TMI 660

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....al for the assessment year 1990-91. The following effective grounds have been raised : "1. The Commissioner of Income-tax (Appeals) erred in dismissing the assessee's appeal without giving him an opportunity of being heard. 2. The Commissioner of Income-tax (Appeals) erred in order of the A.C.I.T. in treating the compensation of ₹ 5,25,000 received by the assessee on surrender of th....

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....n 24-10-2003 in IT Appeal No. 3870 (Mum.) 1996 (for the assessment year 1990-91) in the case of Asstt. CIT v. Beetee Silk Mills (P.) Ltd. copy at page 9 of the APB. As such, this issue is decided in favour of the assessee. 4. So far as regards the third ground, our attention has been drawn to page 1 of the APB, The assessee was required to substantiate the genuineness of the claim of sub-brokerag....

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.... not have been made. As such, this addition is deleted. Ground No.3 is, hence, accepted. 5. Apropos the last ground it has not been disputed that the amount of ₹ 51,000 was made over to the Bombay Stock Exchange as a membership fee. At Page 7 of the APB is the letter from the Stock Exchange which requires the assessee to pay the admission fee of ₹ 51,000. Admittedly, this fee has been....