https://www.taxtmi.com/caselaws?id=341210 The Supreme Court upheld the decision of the Income-tax Appellate Tribunal in a case involving short-term capital gains assessment for the assessment year 2009-10. The court found that the land in question was purchased by the company for business purposes and was recorded in its books, establishing the company as the beneficial owner. The court emphasized the concept of "owner" in income tax provisions, focusing on entitlement to income, dominion over the property, and actual use for business purposes. As a result, the court dismissed the appeal by the Revenue for lack of merit. en-us Mon, 11 Jul 2016 00:00:00 +0530 Sat, 01 Apr 2017 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341210 The Supreme Court upheld the decision of the Income-tax Appellate Tribunal in a case involving short-term capital gains assessment for the assessment year 2009-10. The court found that the land in question was purchased by the company for business purposes and was recorded in its books, establishing the company as the beneficial owner. The court emphasized the concept of "owner" in income tax provisions, focusing on entitlement to income, dominion over the property, and actual use for business purposes. As a result, the court dismissed the appeal by the Revenue for lack of merit. Case-Laws Income Tax Mon, 11 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341210