Supreme Court · 1971 INSC 215 · Decided 24 August 1971
Shree Krishna Agency LTD. v. Commissioner of Income Tax Central, Calcutta
- Court
- Supreme Court of India
- Citation
- 1971 INSC 215 · [1972] 1 S.C.R. 368
- Case number
- CIVIL APPEAL No. 1837/1968
- Decided
- 24 August 1971
- Bench
- K.S. HEGDE, A.N. GROVER (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 37; Income Tax Act Section 23A, 23A(l)
Headnote
Income-tax Act, 1922, s. 23A(9')-Exp/nnation (!) cl. (ii)-Free transferability of shares-Directors having absolute discretion to refuse to register transfer of shares without giving any reasons-Shares whether freely transferable-Public whether s:1bstantially interestea in company. The assessee was the Directors could at any time in their disc.:retlon and without assigning any reason decline to register any proposed transfer -of shares. The question in Income-tax proceedings relating to the assess­ ment years 1952-53 and 1954-55 was whether on a true interpretation of Art. 3 7
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