Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1993)47ITD232(Mum.)
..... , the salvation army, new york and the american society for prevention of cruelty to animals, new york.initially, three administrators were appointed, but consequent to a judgment of the bombay high court dated 21-12-1972 ..... and its resale were allied to his usual trade or business or incidental to it; the nature and quantity of the commodity purchased and resold; any act subsequent to the purchase to improve the quality of the commodity purchased and thereby make it more readily resaleable; any act prior to the purchase showing a design or purpose, the incidents associated with the purchase and resale, the similarity of the transaction to operations usually associated ..... repurchase of 100 acres of land which was declared surplus under the urban land ceiling act is hardly a purchase in the commercial sense, since it was nothing but retention of ..... the assessee claimed that the expenditure was deductible under section 57 of the income-tax act and should be set off against income under the head "other sources", but the department had declined to set if off, treating ..... not all and a further clearance was required under the provisions of chapter xx-c of the income-tax act, relating to purchase by central government of immovable properties in certain cases of transfer with effect from ..... for sale could be executed, permission was required from the charity commissioner under section 36 of the bombay public trust act, since the ownership vested in equal measure in the estate of late shri e.f. .....
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