Director Liable for Tax on Sale Proceeds, Not Assessee-Company, Due to Deemed Ownership of Assets for Depreciation.

The assessee was treated as deem owner for the limited purpose of claiming of depreciation. As such, assessee-company never became the owner of the land and building. Therefore sale proceeds received by Director of the assessee-company is taxable in the hands of Director and not in the hands of assessee-company - AT .....

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