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2003 (9) TMI 21 - HC - Income Tax"(1) Whether, Tribunal was justified in law in holding that the provisions of section 43B are not applicable to the outstanding liability on account of land tax (under the Rajasthan Land Tax Act) and thereby deleting the disallowance of Rs. 8,21,088 made u/s 43B? – Held that the Tribunal was not right in allowing deduction of the amount of land tax to the extent it was not actually paid during the previous year relevant to the assessment year 1988-89. However, the amount of Rs. 41,388 claimed by the assessee to have actually been paid during the previous year shall be allowed as deduction subject to verification. - (2) Whether Tribunal was justified in law in holding that receipt of Rs. 1,00,000 from M/s. J. K. White Cement Works for transfer of leasehold rights by surrendering the same so as to enable M/s. J. K. White Cement Works to acquire the same, is a capital receipt and not taxable in the hands of assessee, either as capital gain or as casual income under section 10(3)?" – Held Yes
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