Supreme Court · 1996 INSC 1118 · Decided 26 September 1996
M/S Escorts Farms (Ramgarh) LTD. v. The Commissioner of Income Tax, New Delhi
- Court
- Supreme Court of India
- Citation
- 1996 INSC 1118 · [1996] SUPP. 7 S.C.R. 18
- Case number
- CIVIL APPEAL No. 1124/1987
- Decided
- 26 September 1996
- Bench
- B.P. JEEVAN REDDY, K.S. PARIPOORNAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 45
Headnote
Income Tax Ac~ 1961-Sections: 2(14),45 (1), 48 and 55 (2}-Capital gain~omputation of-Capital assets-Shares-Shares purchased after 1954--Subsequently, bonus shares issued in respect of the original C shares-Declaration of capltal gains by treating the actual cost of the original . '" shares as Reve11ue Authoritie~on~putation of the original shares by ITO co11finned by the Appellate Tribu11a~n refere11ce, High Court answered inf avour of Reve11ue--Decision of the High Court assailed-Held, the principles of averag- D i11g by spreadi11g the cost over the old shares and the new bonus shares
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