https://www.taxtmi.com/caselaws?id=370435 Land placed with a statutory industrial development corporation for development purposes, while remaining subject to governmental control and a right of reversion, is not treated as an absolute transfer of ownership for income-tax purposes. On that basis, lease premium, rent and interest arising from such lands are not assessable in the corporation's hands merely because it manages or leases the lands. The text also states that such an arrangement may amount to a revocable transfer under section 61, with income-tax consequences following that characterisation. In addition, a reimbursement claim requires factual verification, depreciation already allowed must be given effect to, and income cannot be enhanced beyond the original assessment when merely implementing limited appellate directions. en-us Fri, 07 Sep 2018 00:00:00 +0530 Wed, 08 Jan 2025 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370435 Land placed with a statutory industrial development corporation for development purposes, while remaining subject to governmental control and a right of reversion, is not treated as an absolute transfer of ownership for income-tax purposes. On that basis, lease premium, rent and interest arising from such lands are not assessable in the corporation's hands merely because it manages or leases the lands. The text also states that such an arrangement may amount to a revocable transfer under section 61, with income-tax consequences following that characterisation. In addition, a reimbursement claim requires factual verification, depreciation already allowed must be given effect to, and income cannot be enhanced beyond the original assessment when merely implementing limited appellate directions. Case-Laws Income Tax Fri, 07 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370435