https://www.taxtmi.com/caselaws?id=26570 The High Court held that the surplus generated by a company engaged in real estate business, later amalgamated with another, was rightly not assessed as business profit for the assessment year 1965-66. Despite the Department's argument for reconsideration based on different facts, the Court emphasized it was bound by the facts agreed upon during the Tribunal proceedings. The Court found in favor of the assessee, citing previous decisions exempting similar surpluses as agricultural income, and disposed of the reference with no costs awarded. en-us Fri, 30 May 1986 00:00:00 +0530 Sat, 06 Feb 2010 11:05:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26570 The High Court held that the surplus generated by a company engaged in real estate business, later amalgamated with another, was rightly not assessed as business profit for the assessment year 1965-66. Despite the Department's argument for reconsideration based on different facts, the Court emphasized it was bound by the facts agreed upon during the Tribunal proceedings. The Court found in favor of the assessee, citing previous decisions exempting similar surpluses as agricultural income, and disposed of the reference with no costs awarded. Case-Laws Income Tax Fri, 30 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26570