Supreme Court · 1997 INSC 436 · Decided 25 April 1997
Commissioner of Income Tax, Madras v. M/S. Amalgamation PVT. LTD.
- Court
- Supreme Court of India
- Citation
- 1997 INSC 436 · [1997] 3 S.C.R. 1005
- Case number
- CIVIL APPEAL No. 139/1980
- Decided
- 25 April 1997
- Bench
- S.C. AGRAWAL, K.S. PARIPOORNAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 12
Headnote
TAX, MADRAS A v. MIS. AMALGAMATION PVT. LTD. APRIL 25, 1997 [S.C. AGRAWAL AND K.S. PARIPOORNAN, JJ.) B / Income Tax Act, 1922 : Section 12-B-Capital gains-Assessee company holding shares of several companies-Assessee company indebted to a Finance company, a C subsidiary company of its whether I on facts was avoidance of or resultU in reduction of liability to tar-Held, object of transaction was not to avoid or reduce liability to capital gain tax as the sale was made to a company with whom the assessee company was D directly or indirectly connected and the sale was a farced
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