DUNCANS INDUSTRIES LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS appeal is directed against the judgment and order of the Tribunal dated July 28, 2000. The appeal has been admitted in terms of the following question :

(2.) THE petitioner is a public limited company within the meaning of the Companies Act, 1956. THE relevant assessment year is 1991-92 for which the year ending is March 31, 1991. THE system of accounting is mercantile. THE assessee is an investment company and used to carry on the business, inter alia, of financing and dealing in shares sector. During the financial year 1985-86, this company took up a building construction project as a business venture. THE company purchased a plot of land together with the building thereon at premises No. 42A and B, Ballygunge Circular Road, Calcutta, for a price of Rs. 12 lakhs.

(3.) IN appeal before the Commissioner of INcome-tax (Appeals), the Commissioner of INcome-tax (Appeals) has allowed the loss claimed by the assessee. IN the appeal before the Tribunal, the Tribunal has reversed the view taken by the Commissioner of INcome-tax (Appeals).