Supreme Court · 1971 INSC 267 · Decided 4 October 1971
Shekhawati General Traders LTD. v. Income Tax Officer, Company Circle I, Jaipur
- Court
- Supreme Court of India
- Citation
- 1971 INSC 267 · [1972] 1 S.C.R. 927
- Case number
- CIVIL APPEAL No. 2039/1968
- Decided
- 4 October 1971
- Bench
- K.S. HEGDE, A.N. GROVER (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 147, 55
Headnote
Income-tax Act, 1961-Sections 147 and 55 and its scope. Jn 1949, the assessee company had acquired ·some ordinary shares of a company of the face value of Rs. 10/. each. On this holding the assessee had received certain bonus shares. The assessee further acquired a certain number of right During the assessment year 1962-63 it sold a certain number of shares which it held prior to January 1, 1954 and calculated the cost price of the shares sold, at tho market rate prevailing on January 1, 1954. Similarly, the assessee acquired certain ordinary shares of another company before
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)