Supreme Court · 1972 INSC 237 · Decided 27 September 1972
Rameshwar Prasad Bagla v. Commissioner of Income-Tax, U.P., Lucknow
- Court
- Supreme Court of India
- Citation
- 1972 INSC 237 · [1973] 2 S.C.R. 452
- Case number
- CIVIL APPEAL No. 1718/1969
- Decided
- 27 September 1972
- Bench
- K.S. HEGDE, P. JAGANMOHAN REDDY, I.D. DUA, HANS RAJ KHANNA (4-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 66(2)
Headnote
Indian Jncon1e Tax Act, 1922, Sec. 66(2)-Powt•rs of High Court and Supren1e Court nut appellate hut 011/y advisory. Sec. 10, Sec. 12, (b) ll'hctlu•r surplus realised on the sale of shares originally hou;.:ht for the contrul of the Co111pany and obtaining nianaging· axency, is of shares. The appcllant-a<Sessec is a partner in A. & Co. Managing Agency oi one textile Mill was assigned by the Managing Agents (S. & C9.) to A. & Co. for consiJcration of huying large nun1bcr of shares and cash. ·rhc appellant bought 31,250 shares. An equal nurnhcr of
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)