https://www.taxtmi.com/caselaws?id=419260 Capital gains on land sold in directors' names depend on the real owner, which is determined by who funded the purchase and who received the sale proceeds; a board resolution alone is not enough to establish de facto ownership. Because the record did not contain the necessary material, the matter was remitted for fresh verification by the Assessing Officer. The deduction issue under section 80IA(4)(iii) was confined to verification of expenditure bifurcation between owned and sold portions and was upheld, as the later giving-effect order had allowed the claim after verification. en-us Fri, 04 Mar 2022 00:00:00 +0530 Mon, 07 Mar 2022 08:43:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419260 Capital gains on land sold in directors' names depend on the real owner, which is determined by who funded the purchase and who received the sale proceeds; a board resolution alone is not enough to establish de facto ownership. Because the record did not contain the necessary material, the matter was remitted for fresh verification by the Assessing Officer. The deduction issue under section 80IA(4)(iii) was confined to verification of expenditure bifurcation between owned and sold portions and was upheld, as the later giving-effect order had allowed the claim after verification. Case-Laws Income Tax Fri, 04 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419260