1980 (5) TMI 59 - AT - Income Tax

Summary

The Department appealed against the disallowance of a loss claimed by a registered firm in a joint venture. The Income Tax Officer denied the claim, stating the loss belonged to an AOP, not the firm. The Appellate Tribunal upheld the firm's claim, citing precedents and the principle of favoring the subject in case of two possible views. The Department's appeal was dismissed. (Case: Appellate Tribunal ITAT DELHI-C, Citation: 1980 (5) TMI 59 - ITAT DELHI-C)