https://www.taxtmi.com/caselaws?id=24118 The High Court held that income from the sale of tea estates by a non-resident company for the assessment year 1970-71 was to be taxed as business income under section 28 of the Income-tax Act, not as income from immovable property. The Court found that the business had been effectively transferred before the execution of conveyance deeds, making the purchasers liable for tax from the transfer date. The Court ruled in favor of the assessee, affirming the Tribunal's decision and dismissing the Revenue's appeal. en-us Tue, 14 Feb 1989 00:00:00 +0530 Sat, 16 Jan 2010 17:14:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24118 The High Court held that income from the sale of tea estates by a non-resident company for the assessment year 1970-71 was to be taxed as business income under section 28 of the Income-tax Act, not as income from immovable property. The Court found that the business had been effectively transferred before the execution of conveyance deeds, making the purchasers liable for tax from the transfer date. The Court ruled in favor of the assessee, affirming the Tribunal's decision and dismissing the Revenue's appeal. Case-Laws Income Tax Tue, 14 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24118