Supreme Court · 1997 INSC 48 · Decided 21 January 1997
M/S. Orient Trading Comp Any Limited v. Commissioner of Income Tax Calcutta
- Court
- Supreme Court of India
- Citation
- 1997 INSC 48 · [1997] 1 S.C.R. 446
- Case number
- CIVIL APPEAL No. 353/1981
- Decided
- 21 January 1997
- Bench
- S.C. AGRAWAL, G.T. NANAVATI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Income Tax Act; 1961-Sections 14 and 28(ij--Excess value of shares ~~ received by the assessee on swrendeling the shares of one company in ex- change of the shares of another company-Held : can be regarded as realisa- c ti on of the secwity and has to be treated as profit of the assessee and shares of a company of the face value of Rs.10 each as its stock-in-trade. The shares were valued by the assessee at Rs. 1,45,000 at the end of the assessment year 1962-63 and were D included in the closing stock. In the assessment year under reference, the '?-- assessee exchanged these sharies
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