COMMISSIONER OF INCOME TAX Vs. MCDOWELL AND CO. LTD.

JUDGEMENT

(1.) In this appeal, the appellant has raised the following substantial questions of law:

(2.) The assessing authority was of the view that the land was part of M/s. Hindustan Polymers Ltd. Therefore, though two separate individuals are involved, the transaction is one and the same and, therefore, the loss suffered while surrendering the land had to be set off towards profit earned in the sale of the going concern. Therefore, the assessing authority disallowed the claim of the assessee to carry forward Rs. 2,31,34,220 as capital loss.

(3.) Aggrieved by the said order, the assessee preferred an appeal to the Commissioner of Income-tax (Appeals).