M/S G.S. HOMES & HOTELS P. LTD. Vs. DY. COMMISSIONER OF INCOME TAX
SUPREME COURT OF INDIA
M/S G.S. Homes And Hotels P. Ltd.
DY. COMMISSIONER OF INCOME TAX
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(1.) Leave granted.
(2.) After hearing the leaned counsels for the parties and perusing the relevant material, we modify the order of the High Court by holding that the amount (Rs. 45,84,000/-) on account of share capital received from the various share-holders ought not to have been treated as business income. The High Court, therefore, in our considered view, fell into error in reversing the order of the Tribunal on the aforesaid issue. Insofar as the issue of short term capital gains with respect to property T1 and T2 and maintenance deposit is concerned, we do not find any infirmity in the order of the High Court so as to require any modification.
(3.) The appeals are disposed of as partly allowed as indicated above.;
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