Supreme Court · 1997 INSC 642 · Decided 4 September 1997
Kartikeya V. Sarabhai v. Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 1997 INSC 642 · [1997] SUPP. 3 S.C.R. 746
- Case number
- CIVIL APPEAL No. 1098/1982
- Decided
- 4 September 1997
- Bench
- B.N. KIRPAL, K.T. THOMAS (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 87(2)(c); Income Tax Act Section 2(47), 45
Headnote
Income Tax Act, 1961-Sections 2 (47) and 45. Capital gains-Transfer of capital asset-Reduction in face value of C shares-Amounts received by holder of such shares on reduction-Held, is transfer within the meaning of S. 2( 47) and taxable as capital gains. D Companies Act 1956-Sections 87(2)(c) and 011 reduction is subject to capital gains. The Appellant had purchased 90 non-cumulative preference shares of a Company, each of the face value of Rs. 1,000 at a price of Rs. 420 per share. Earlier in 1965, a sum of Rs. 500 per share was paid off to the assessee upon a reduction of the share
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)