Supreme Court of India
R.K. Palshikar (huf) v. Commissioner of Income-tax, Madhya Pradesh, Nagpur, Bhandara, Nagpur
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In the result, we find that there is no substance in the appeal and dismiss the same with costs. ' S.L. Appeal dismissed.
Judgment, page 9
From the headnote
Indian Income-tax Act, 1922-Whether grant of leases by assessee amounts to transfer of Capital assets as contemplated under Section 12- of-Whether capital gains tax is payable by assessee on amounts of 'salami' or premium received by assessee in respect of leases granted by assessee. This was an appeal on a certificate of fitness granted by the High Court against its judgment on a reference made under Section 66( 1) of the Indian Income-tax Act ("the said Act"). The appellant(assessee owned some agricultural land, which the assessee developed into building sites. The assessee leased out the
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