TaxTMI 
TaxTMI 
1995 (9) TMI 58
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.... Act, 1961. The question of law referred to us is as follows : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct in holding that the assessee's one-fourth share in the composition fee of Rs. 53,179 was an admissible deduction under section 24(1)(ii) from her property income ? " The facts of the case are that the assessee is an....
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....tax Officer did not accept this contention and he added Rs. 13,236 being 1/4th share of Rs. 53,179. The assessee filed an appeal before the Appellate Assistant Commissioner which was rejected, but on further appeal, the Tribunal by its order dated February 25, 1976, decided against the Department. The Department then filed an application under section 256(1) which was rejected. Thereafter, the Dep....
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....e. The Appellate Tribunal held that this payment was allowable while computing income from property, as it was a valid deduction under section 24(1)(ii) of the Income-tax Act, 1961. The submission of learned counsel for the Department is that the payment was made by way of composition and as such should not be treated as legitimate deduction. We do not agree with this submission. Composition fe....