Supreme Court · 1967 INSC 268 · Decided 22 November 1967
Sevantilal Maneklal Sheth v. Commissioner of Lncome-Tax (Central), Bombay
- Court
- Supreme Court of India
- Citation
- 1967 INSC 268 · [1968] 2 S.C.R. 360
- Case number
- CIVIL APPEAL No. 2454/1966
- Decided
- 22 November 1967
- Bench
- J.C. SHAH, V. RAMASWAMI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 12B, 16(3)(a)(iii)
Headnote
SHETH \', COMMISSIONER OF l!'iCOME-TAX (CENTRAL), BOMBAY NO\·ember 22, 1967 (J.C. SHAH AND V. RAMASWAMI, JJ.J Income Tax Act, 1922, "'" 128, 16(3) (a)(iii)-Appellant transferrinR shares /() wife-profit made 011 sale of shares by way of capital goiru-­ if liable to be <ompany had convened the prefe­ rence shares into ordinary shares the appellant's wife sold most of the shares held by her for Rs. 1,54,800, resulting in a capital ~ain of Rs. 70,860 as ccmputed under s. 12B of the Income Tax Act. 1922. She deposited the entire amount realised from the
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