https://www.taxtmi.com/caselaws?id=26785 Income from land transactions cannot be attributed to an assessee merely because the purchases were routed through connected companies or intermediary buyers to comply with land ceiling restrictions. Where the financing for acquisition came from a finance company, the assessee did not advance the purchase consideration, and the sums paid to intermediaries were part of the acquisition cost without evidence of being returned to the assessee, the profits booked in related hands and the intermediary payments were not taxable as the assessee's income. The additions were therefore unsustainable on the facts found. en-us Wed, 29 May 1985 00:00:00 +0530 Mon, 08 Feb 2010 14:45:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26785 Income from land transactions cannot be attributed to an assessee merely because the purchases were routed through connected companies or intermediary buyers to comply with land ceiling restrictions. Where the financing for acquisition came from a finance company, the assessee did not advance the purchase consideration, and the sums paid to intermediaries were part of the acquisition cost without evidence of being returned to the assessee, the profits booked in related hands and the intermediary payments were not taxable as the assessee's income. The additions were therefore unsustainable on the facts found. Case-Laws Income Tax Wed, 29 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26785