Case Law Details
Case Name : Commissioner Of Income Tax Vs. Thiruvengadam Investments P. Limited. (Madras High Court)
Appeal Number : Appeal No. 1329 of 2009
Date of Judgement/Order : 01/12/2009
Related Assessment Year :
Courts :
All High Courts Madras High Court
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Background
- The assessee was engaged in the business of property development and the activities of the assessee were treated as business.
- The assessee has obtained power of attorney from the owner of the property (primarily land) and the same was shown under the head “Current assets” and not under the head “Fixed assets” in the balance sheet.
- Such property was sold by the assessee for a consideration through a deed of conveyance. The assessee claimed a loss on the sale of such property in the return filed for the relevant assessment year.
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