Lease Premium and Interest Income Not Taxable for Assessee Corporation Due to Non-Ownership of Land by Corporation.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Taxability of lease premium, interest income etc. in the hands of assessee - Ownership of land - irrevocable transfer of lands from the state government to the assessee corporation - assessee cannot be held as owner of the land - income is not taxable in its hand.....