https://www.taxtmi.com/caselaws?id=161583 For exemption under section 4-A of the U.P. Trade Tax Act, capital investment was held to include land and building standing in the name of a partner where the unit was a partnership firm. The lease in favour of the firm was treated as ineffective because a person cannot lease property to himself, but the building cost was accepted as part of the firm's investment since it was constructed from the firm's own funds, supported by the balance sheet and chartered accountant's certificate. A departmental circular dated 25 February 1988, binding on tax authorities, also barred denial of exemption merely because the property stood in a partner's name. The unit was therefore entitled to exemption for five years. en-us Fri, 24 Jan 2003 00:00:00 +0530 Sat, 01 Feb 2014 14:31:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161583 For exemption under section 4-A of the U.P. Trade Tax Act, capital investment was held to include land and building standing in the name of a partner where the unit was a partnership firm. The lease in favour of the firm was treated as ineffective because a person cannot lease property to himself, but the building cost was accepted as part of the firm's investment since it was constructed from the firm's own funds, supported by the balance sheet and chartered accountant's certificate. A departmental circular dated 25 February 1988, binding on tax authorities, also barred denial of exemption merely because the property stood in a partner's name. The unit was therefore entitled to exemption for five years. Case-Laws VAT and Sales Tax Fri, 24 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161583