Supreme Court · 1989 INSC 106 · Decided 29 March 1989
Commissioner of Income Tax, Bombay v. Rasiklal Maneklal (H.U.F.) & ORS.
- Court
- Supreme Court of India
- Citation
- 1989 INSC 106 · [1989] 2 S.C.R. 179
- Case number
- CIVIL APPEAL No. 1905/1974
- Decided
- 29 March 1989
- Bench
- R.S. PATHAK, RANGANATH MISRA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 394; Income Tax Act Section 12B
Headnote
TAX, BOMBAY A }- ' v v. RASIKLAL MANEKLAL (H.U.F.) & ORS. MARCH 29, 1989 [R.S. PATHAK, CJ AND RANGANATH MISRA, J.] Indian Income Tax Act, 1922-Sub-s. ( 1) of s. 12B-Amalgama­ tion of two companies resulting in dissolution of one of them and allot­ ment of shares of the surviving ment'. Snb-s. (I) of s. 12B of the Indian Income Tax Act, 1922 provides that tax shall be payable by an assessee under the head "Capital gains" in respect ·•f any profits or gains arising from the sale, exchange, relin­ quishment or transfer of a capital asset.
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