Case Law Details
Case Name : GRK Reddy & Sons (HUF) Vs ITO (ITAT Chennai)
Related Assessment Year : 2008-09
Courts :
All ITAT ITAT Chennai
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GRK Reddy & Sons (HUF) Vs ITO (ITAT Chennai)
A perusal of the facts in the present case clearly shows that the assessee is a HUF which is primarily doing agricultural activities and investment in shares. The assessee had admittedly purchased the agricultural land during the FY 2006-07. Before the AO as also before the Ld.CIT(A), the assessee has been maintaining that it was unable to do the agricultural operations which desires on a large scale, consequently, the assessee was forced to liquidate the said lands within one year of its purchase itself. Clearly the AO has not made any addition...
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