Supreme Court · 1986 INSC 139 · Decided 16 July 1986
Madnani Development CORPN. (P) LTD. v. Commissioner of Income-Tax, Orissa
- Court
- Supreme Court of India
- Citation
- 1986 INSC 139 · [1986] 3 S.C.R. 219
- Case number
- CIVIL APPEAL No. 1649/1974
- Decided
- 16 July 1986
- Bench
- R.S. PATHAK, SABYASACHI MUKHERJI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 70
Headnote
DEVELOPMENT CORPN. (P) LTD. v. COMMISSIONER OF INCOME-TAX, ORISSA B [ JULY 16, 1986 [R.S. PATHAK AND SABYASACHI MUKHARJI,JJ.] \ Income Tax Act, 1961-s. 70--Assessee-A Contractor-Fur· chased two plots of lands for excavation of land to fu.lfil railway c contract-After work completed lands the execution of earth work required for the construction of a new rail- D way yard. For this purpose, the assessee purchased two pieces of land at a total cost ofRs.68,241. Soon after the work was over, the assessee sold both lands for a sum of Rs.23,000, thereby sustaining a loss of
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