https://www.taxtmi.com/caselaws?id=49645 The Supreme Court upheld the Appellate Tribunal's decision in a case concerning income-tax assessment under section 12B of the Indian Income-tax Act, 1922. The court ruled that profits from the sale of immovable properties listed in part 1 of the schedule were taxable under section 12B, as the title passed on execution of the sale deed. However, properties described as movables but deemed fixtures were excluded from income-tax assessment, as they were intended to be sold separately as movables. The judgment emphasized the importance of accurately interpreting sale documents to distinguish between immovable and movable properties for tax assessment purposes. en-us Tue, 23 Sep 1958 00:00:00 +0530 Fri, 05 Sep 2014 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49645 The Supreme Court upheld the Appellate Tribunal's decision in a case concerning income-tax assessment under section 12B of the Indian Income-tax Act, 1922. The court ruled that profits from the sale of immovable properties listed in part 1 of the schedule were taxable under section 12B, as the title passed on execution of the sale deed. However, properties described as movables but deemed fixtures were excluded from income-tax assessment, as they were intended to be sold separately as movables. The judgment emphasized the importance of accurately interpreting sale documents to distinguish between immovable and movable properties for tax assessment purposes. Case-Laws Income Tax Tue, 23 Sep 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49645