https://www.taxtmi.com/caselaws?id=182225 Whether an excess between sale price and written down value realised on transfer of a building between two limited companies with identical shareholders and directors falls within the deeming provision of the Income-tax Act is resolved by treating the companies as separate juristic persons; the corporate veil is not lifted absent fraud, agency, mere facade or statutory basis. Because the facts show distinct incorporated entities with recorded vendor-purchaser dealings and no reconstruction or amalgamation, the second proviso's deeming rule applies and the excess is taxable. en-us Tue, 05 Feb 1963 00:00:00 +0530 Thu, 05 May 2016 14:24:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182225 Whether an excess between sale price and written down value realised on transfer of a building between two limited companies with identical shareholders and directors falls within the deeming provision of the Income-tax Act is resolved by treating the companies as separate juristic persons; the corporate veil is not lifted absent fraud, agency, mere facade or statutory basis. Because the facts show distinct incorporated entities with recorded vendor-purchaser dealings and no reconstruction or amalgamation, the second proviso's deeming rule applies and the excess is taxable. Case-Laws Income Tax Tue, 05 Feb 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182225