Supreme Court · 1967 INSC 136 · Decided 2 May 1967
Commissioner of Income Tax, Hyderabad v. M/S. Motor and General Stores (P.) LTD.
- Court
- Supreme Court of India
- Citation
- 1967 INSC 136 · [1967] 3 S.C.R. 876
- Case number
- CIVIL APPEAL No. 819/1966
- Decided
- 2 May 1967
- Bench
- J.C. SHAH, S.M. SIKRI, V. RAMASWAMI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(vii), 66(2)
Headnote
B I,ncome-tox Act, 1922 s. 10(2) (vli)-Assessee selling 'cinenut attd <Jther assets in exchange for shares in another Company-Whether tran­ sactum one of 'sale' or 'exchange'-Therefore whether difference be. tween book-value of assets and exchange consideration taxable-Deter- 1nining the respondent private Limited Company owned a cinema house and at a meeting of its Board of Directors on September 9, 1955, it was resolved that the Managing Director may be authorised to nego• tiate with a buyer !or the sale of the entire concern with all its equip­ ment and machinery
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)