Supreme Court · 1964 INSC 75 · Decided 13 March 1964
Commissioner of Income-Tax, Bihar v. Dalmia Investment CO. LTD.
- Court
- Supreme Court of India
- Citation
- 1964 INSC 75 · [1964] 7 S.C.R. 210
- Case number
- CIVIL APPEAL No. 780/1962
- Decided
- 13 March 1964
- Bench
- A.K. SARKAR, M. HIDAYATULLAH, J.C. SHAH (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
~ Income-tax Act-Business-Investment company-Dealing in shares-Bonus shares-Valuation. The assessee company dealt in shares and also held invest­ ments of shares on January 1, 1948. The assessee held 1,10,747. shares of Rohtas Industries at a book value of Rs. 15,57,902/-. Of these shares Indus­ tries in 1945 at the face value of Rs. 10/- each and the assessee had debited the investment account in respect of the bonus shares by Rs. 3,19,090 with a· corresponding entry in the capital reserve account on its credit side for the same amount. The. assessee acquired these
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