Supreme Court · 1986 INSC 44 · Decided 18 March 1986
Commissioner of Income Tax v. Shivakami CO. PVT. LTD.
- Court
- Supreme Court of India
- Citation
- 1986 INSC 44 · [1986] 1 S.C.R. 881
- Case number
- CIVIL APPEAL No. 1532/1974
- Decided
- 18 March 1986
- Bench
- R.S. PATHAK, SABYASACHI MUKHERJI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 133(1); Companies Act; Income Tax Act Section 12, 66(1)
Headnote
OF INCOIE TAX v. SHIVAKAMI CO. PVT. LTD. MARCH 18, 1986 [R. S, PA~ AND SABYASACHI MUKHARJI, JJ. ] Indian Income Tax Act 1922/ Income Tax Act 1961, s.12 B(2) first proviso/ s.52 - Capital asset - Acquisition of - Understatement of consideration in transfer of property - Understatement of in C.A. 1533 of 1974, had shares in two private companies. During the relevant period, it sold those shares -f and according to the respondent-assessee, the sales resulted in a loss. The shares were not quoted in stock market. However, the Income-tax Officer held that the break-up value on the
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