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2013 (12) TMI 315 - HC - Income TaxNature of amount received from company - deemed dividend - load or advance against sale of asset - Held that:- The amount was received by the assessee from PESPL against the sale of the land and thus the receipt is not in the nature of loans or advances - Following assessee's own case for A.Y. 2005-06 - As per agreement to sale, the amount for purchase was agreed to be given to the assessee by the purchaser and part of the payment was received through cheque - The assessee was also supposed to get conversion of the land within two months - It was a loan or an advance to the assessee - The contents of the sale agreements are very much clear that it was a clear cut agreement of sale - No contrary facts or decision was brought to our notice by either side and more specifically the Revenue - Decided against Revenue.
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