Supreme Court · 1973 INSC 3 · Decided 9 January 1973
Pilani Investment Corporation LTD. v. The Commissioner of Income Tax (Central)
- Court
- Supreme Court of India
- Citation
- 1973 INSC 3 · [1973] 3 S.C.R. 206
- Case number
- CIVIL APPEAL No. 2177/1969
- Decided
- 9 January 1973
- Bench
- P. JAGANMOHAN REDDY, HANS RAJ KHANNA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 23A
Headnote
/11co11;e-tax Act (11 of 1922), s. 23A and Explanation-Men1ora,1- ::iu1n and Articles of Association e1npo1vering directors to refu~ to. register transfer of shares without assigning any reason-It elen:ent vf free trc.nsfer eliminated. This Court, in Shree Krishna Agency Ltd. v. C. f. T. (Central) in the absence of evidence to show that the directors had been exercising their pov.'er to decline to register any transfer of shares freely and had thus ''ll'tually eliminated t)le element of free transferability of the shares in the company, the mere existe,oce of a power in the
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