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2005 (8) TMI 89 - HC - Income TaxPurchase of the property by the Government - short controversy in the present case is as regards the period of the discount for the purpose of deducting the interest from the value of the property shown in the sale agreement – learned single judge in his impugned judgment has held that the members of the appropriate authority of the Income-tax Department were not correct in determining the discounted value payable to the writ petitioner commencing from the date of the agreement - Held that the principle of discounting is based on logic and reasons, and the deeming fiction for determining the value of the consideration at discounted value is not arbitrary or unreasonable. Thus this writ appeal is allowed. The impugned judgment of the learned single judge is set aside
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