Supreme Court · 1966 INSC 240 · Decided 31 October 1966
Miss Dhun Dadabhoy Kapadia v. Commissioner of Income-Tax, Bombay
- Court
- Supreme Court of India
- Citation
- 1966 INSC 240 · [1967] 2 S.C.R. 1
- Case number
- CIVIL APPEAL No. 757/1965
- Decided
- 31 October 1966
- Bench
- J.C. SHAH, V. RAMASWAMI, VISHISHTHA BHARGAVA (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 66A(2)
Headnote
Income-tax Act (11 of 1922), s. 128(2)-Renouncerient of right . shares for money value-Depreciation in value of origrnal shares-­ Capital gain how calculated. The asaessee was holdin~ as an investment 710 sharos Lo a company. She became entitled to receive 710 new shares issued by the company, her right to receive the new shares by sale in the open market and realised a sum of Rs. 45,262.50. The Income-tax Officer sought to tax the entire amount at a capital gain• Immediately before the renouncement, the old shares were valued at Rs. 253.00 per share. After renouncement the
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)