1998 (3) TMI 126 - HC - Income Tax

Advertisement Expenditure, Assessment Year, Business Expenditure, Carry Forward And Set Off, Expenditure On Advertisement, Gratuity Liability, New Industrial Undertaking, Previous Year, Question Of Law, Special Deduction

Summary

The High Court of Gauhati ruled that without proper registration of transfer documents, no right in the land was transferred to the partnership firm. The court answered the reference question in the negative, in favor of the respondent. The court stated that if rights in the land are transferred and enjoyed by a tax-paying person, appropriate action can be taken.