Supreme Court · 1971 INSC 240 · Decided 7 September 1971
Commissioner of Income-Tax, West Bengal v. Central India Industries LTD.
- Court
- Supreme Court of India
- Citation
- 1971 INSC 240 · [1972] 1 S.C.R. 619
- Case number
- CIVIL APPEAL No. 2347/1968
- Decided
- 7 September 1971
- Bench
- K.S. HEGDE, A.N. GROVER (2-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
/nco111e-tax Act 1922, s. 16(2)-Parent co111pany distributing dividend to assessee con1pany partly in cash and partly in scrips-In coniputing inco111e of assessee co111pany fron1 dividend said scrips whether to be valu­ ed at fuce vaflle or niarkei value-Considerations. The assessee company company which was its parent company. The an1ount of dividend receiv­ able by the asscsscc company was paid to it partly in cash and partly in share scrips of hvo other companies. The relevant assessment year was 1959-60. For the purpose of assessment under the Income-tax Act, 1922 the
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