COMMISSIONER OF INCOME-TAX versus SIMPSON GENERAL FINANCE CO. LTD
The company, which estimates capital gains or business revenue, is concerned about one lie and maintains it for more than a decade, Assisi sold the land to other ally concerns, one of which was the Essex company. The company, Lands surrendered to Allied concerns only to set up a financial account. The fact that land was not the only one to dispose of land with factories was sold overseas; some land sales were made between companies and subsidiaries sold in order to comply with urban land ownership restrictions. There is no evidence that the transfer of land at market value was not assessed by Assisi that it was a transfer of land. Only the capital gains or gains arising from the sale of non-stocked land in investment and trade will be assessed as capital gains and not as income for the business by the subsidiary of the Indian Income Tax Act, 1961, section. 45 and 47 Exemption transfer to the company
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