Tuesday, October 23, 2018

Lease rent taxable in hands of Govt. Co. if it was acting as owner of land received from State Govt.

IT: Where assessee Government company, engaged in business of industrial development, received land from State Government for development and further transferred said developed land to prospective industrialist on long term lease for consideration of payment of advance rent in form of land premium, such land premium being part and parcel of business receipt was taxable as revenue receipt

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