Supreme Court · 1972 INSC 22 · Decided 20 January 1972
I. C. I. (India) Private LTD. v. C. I. T., West Bengal
- Court
- Supreme Court of India
- Citation
- 1972 INSC 22 · [1972] 3 S.C.R. 138
- Case number
- CIVIL APPEAL No. 1308/1970
- Decided
- 20 January 1972
- Bench
- A.N. GROVER, M. HAMEEDULLAH BEG (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 52
Headnote
(INDIA) PRIVATE LTD. v. C. I. T., WEST BENGAL January 20, 1972 [A. N. GROVER AND M. H. BEG, JI.] Income-tax Act, (1961) ss. 52 and 256--Dlrectlons by High Court to Tribunal to refer questions-Scope of High Court's ;urisdiction After negotiations in 1953 with the concerned Department of the in 80llle Indian Companies. The corm­ pondence showed that the U.K. Company had the right to acquire at any time the shares at par, in satisfaction of the loans. ln 1961, the asseisee transferred the ahares when called upon by the U.K. Company to do ao. The Income-tax Officer applied s. 52 of
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