The companies or the individuals while forming any association or a contract as in order to make the work done will imply to get the various elements in the usual course of time. The Income Tax Act 1842 provides all the key elements that all the person will have to give the income tax for the property which was being purchased by them and they had gained certain profit through that property.
- How is this case law relevant to the Income Tax Act 1842?
- What are the important elements that are to be fulfilled for buying any property?
- Whether the shares and the capital raised by the company amounted to income tax?
The Income Tax Act 1842, is being made by the United Kingdom as in order to frame all then rules and the regulations that are to be followed by the companies as in order to make the or access any property. It implies that all the amount which was been setted out in or any immovable property that has been required by the company to frame it out in a manner that all the property will be given the authority to use that property but will have to pay the income tax.
Facts of the case
In this case their has been formed a company which was purchased as in order to acquire the mineral fields, but as for the certain time period when no profit was raised the company has decided to sell it. And the company after being sold they got a large profitable amount on selling that company but has not taken the profit or the money instead of that they has taken the shares from that amount of the another company, and those shares were not being converted into cash. So0 the profit being arises to the company will be payable in the form of income tax to the companies and also the company is liable to pay the adequate amount of cash to the i