Assessee had claimed brokerage deduction out of the total rent received by him from the assessee, which was disallowed as not admissible under Section   23(1) of the Income Tax Act

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2.                CANYAM CONSTRUCTIONS (Delhi HC) [Related to section 23(1)]

Explanation furnished by the assessee was that it was of bona fide. Two views were possible, viz., whether the expenditure was of capital nature or revenue expenditure as contended by the assessee

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3.                BALKA  SERVICES (Delhi HC) [Related to section 72(A)]

This penalty was upheld by CIT (Appeals) however, the ITAT in further appeal carried by the assessee has quashed the penalty proceedings. It is not in dispute that while passing the assessment order no satisfaction was recorded as to whether there was submitting of inaccurate particulars and concealment of assessee in this appeal even on merits

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4.                DB INDIA SECURITIES LIMITED (Delhi HC) [Related to section 36(1)(vii) & Section 36(2)]

Stock Market issue: Meaning of Debt etc: As regards allowance of bad debt under subject provision of the Act in hands of assessee-member stock broker, arising out of non payment of share purchase price by assessee’s client

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