Supreme Court · 2007 INSC 1040 · Decided 11 October 2007
Administrator Trust of India v. B.M. Malani and ORS.
- Court
- Supreme Court of India
- Citation
- 2007 INSC 1040 · [2007] 10 S.C.R. 1138
- Case number
- CIVIL APPEAL No. 4792/2007
- Decided
- 11 October 2007
- Bench
- S.B. SINHA, H.S. BEDI (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Constitution Article 12; Income Tax Act Section 226(3), 54AE
Headnote
Income Tax Act, 1961-s. 226(3)-lnterpretation of-Assessee defaulter of payment of income tax-UT! holding units under the c Scheme on assessee 's behalf-Income Tax Department issuing notice to UT! raising demand on account of income tax penalty by assessee- UT! selling units below par without at par- Correctness of-Held: UT! could not have tran4erred the amount, in D absence of any right of option of repurchase of units having been exercised by assessee-s. 226(3)(vi) cannot be interpreted to mean that UT! was fully authorised to dispose of the units on its own-UT! could hold the
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