Case Law Details
Case Name : Jay Hind Sciaky Limited Vs DCIT (Bobmbay High Court)
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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Brief of the case:
- The Hon’ble Bombay High Court in the case of Jaya Hind Sciaky Limited held that the words “belonging to” as used in sec 40(2) of the Act would include assets in possession of the Company without full Ownership, but sufficient domain over it, to exercise the powers which would otherwise normally vest in the owner on the valuation date.
- Further, it was held that a lease giving right to assessee to use the premises during lease period subject to complying with the terms
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