Supreme Court · 1960 INSC 247 · Decided 7 December 1960
Raghuvanshi Mills, LTD. v. Commissioner of Income-Tax, Bombay
- Court
- Supreme Court of India
- Citation
- 1960 INSC 247 · [1961] 2 S.C.R. 978
- Case number
- CIVIL APPEAL No. 30/1957
- Decided
- 7 December 1960
- Bench
- J.L. KAPUR, M. HIDAYATULLAH, J.C. SHAH (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 23A
Headnote
7. 978 SUPREME COURT REPORTS [1961] RAGHUV ANSHI MILLS, LTD. v. COMMISSIONER OF INCOME-TAX, BOMBAY (J. L. KAPUR, M. HrnAYATULLAH and J.C. SHAH, JJ.) Income Tax-Majority shares of the assessee company held by Directors and their relations, if can be treated as held by the public -Test-Indian held 6,344 shares ont of a total of 10,000 shares of the company and he made a gift of lOOO shares to each of his five sons. During the accounting period the company had eight Directors including the said Maganlal Parbhudas and two of his sons and they held 4695 shares as between themselves. Out
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)