The government acquired the land bought by the assessee and awarded the compensation which was unsatisfactory for the assessee.Therefore ,an appeal before the Civil Court was filed .The court enhanced the compensation . TheA.O treated the assessee’s share in the said compensation amount as income from business. However ,the assessee filed an appeal to the [...]
Is Solitary Transaction of Purchase of Land Business Activity?
August 31, 2012 by Leave a Comment
The assessee-company, purchased a plot of land to provide residential facilities to its staff members and to the staff members of a Tata company. However, it sold few of the plots . For a subsequent assessment year, the assessee claimed that it had suffered a loss because several other selling agents were appointed by the [...]
Premium Received on Work For Sublease Land
August 31, 2012 by Leave a Comment
The assessee-company, Toy an agreement, took on sub-lease certain land on payment of premium and annual lease rent. Subsequently, it entered into agreements with two of its sister concerns, for giving on sub-lease some land out of the land taken earlier. It was also agreed between the parties that the assessee would undertake to lay [...]
Demolishing Old Building & Creating New -Business Activity?
August 31, 2012 by Leave a Comment
The respondent-assessee trust had a building, which was demolished and a multi-storeyed building was constructed. A part of the building so constructed was sold. The surplus available with the assessee was used for public charitable purpose. The Tribunal had found as a fact that, as a result of aforesaid transaction, the trust had got modern [...]
Is Maintaining Horses For Race Business Activity?
August 31, 2012 by Leave a Comment
In the present case, two such horses of the assessee became useless and hence deduction of Rs. 18,750 under section 36(1)(vi) of the Act has been claimed. That apart, general loss is also claimed, with reference to the abovesaid activities, to the extent of Rs. 42,029. The total loss thus claimed is Rs. 18,750 + [...]
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