Supreme Court of India
P. M. Mohammad Meerakhan v. Commissioner of Income-tax, Ernakulam
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3 Supreme Court benches have cited this judgment.
From the headnote
c Income-tax Act (II of 1922)-Sing/e Transaction to purchase estate- No means to buy-Purchasers found-Plots sold and one retained whether transaction constituted trade-Value of plot retained added for estimate profit., whether correct. The assessee entered into an agreement to purchase a land for Rs. 6 lakbs. He paid Rs. 11,000/- as advance and it was agreed that the sale deed was to be executed by a specified date either in favour of the assessee or his nominees. The assessee did not have resources to buy land even worth a lakb nor could cultivate the land himself. He divided the land into
Authorities it was built on
Where later benches applied it
- 1997 Commissioner of Income Tax, Kanpur v. U.P. State Industrial Development Corporation
- 1990 Commissioner of Income Tax, Calcutta v. British Paints India Ltd
- 1986 Commissioner of Income Tax, Bombay v. H. Holck Larsen
Of those, 3 mentioned
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