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2013 (12) TMI 1321 - HC - Income TaxCarry forward of capital loss. - Whether sale of polymer division and sale of land in Gujarat are separate transactions – Held that:- The polymer unit which is at Vizag was acquired in the year 1978 - The industrial land in Gujarat was acquired in the year 1997 to set up a polymer unit - The assessee has spent some money towards salaries, wages, conveyance, telephone, interest, etc., in connection with the land at Gujarat - That by itself would not make the said land the property of the polymer unit - These properties are separate and distinct - The first appellant authority as well as the Tribunal was justified in holding that it is not one and the same transaction - As they are two independent transactions, the loss sustained in one transaction cannot be set off against the profit made in the other transaction - Decided against Revenue. Genuineness of commission - Held that:- Following assessee's own case [2006 (9) TMI 147 - KARNATAKA High Court] - The allowance of the commission payment requires interference - Decided in favour of Revenue.
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