2003 (10) TMI 660

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....i A.D. Jain-This is assessee's appeal 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 Rs. 5,25,000 rec....

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.... of the Bombay Bench of the Tribunal passed on 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 substantia....

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....ed, the addition was not in order and it should 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 Rs. 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 ....