Supreme Court · 1971 INSC 247 · Decided 16 September 1971
Commissioner of Income Tax, Gujarat v. Distributors (Baroda) (P) LTD.
- Court
- Supreme Court of India
- Citation
- 1971 INSC 247 · [1972] 1 S.C.R. 726
- Case number
- CIVIL APPEAL No. 2350/1968
- Decided
- 16 September 1971
- Bench
- K.S. HEGDE, A.N. GROVER (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 136; Companies Act; Income Tax Act Section 23A
Headnote
OF INCOME TAX, GUJAR4T A v. DISTRIBUTORS (BARODA) (P) LTD. September l 6, 1971 [K. S. HEGDE AND A. N. GROVER, JJ.J Jndian Income.Jax Act, 1922, s. 23A-"ln the case of a co111pany lVhose business consists wholly or mainly in the dealing in or holding of jnvesunent", nzeaning the Nfanaging Agent of two other companies. All the shares held by the assessee com- C pany as its investments were the shares of those two companies. The Income·tax authorities held that the assessee company was an 'investment company' within the scope of s. 23A of the Act and ordered the
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