B.P.JEEVAN REDDY, K.S.PARIPOORNAN
Commissioner Of Income Tax, Gujarat – Appellant
Versus
Sakarlal Balabhai And Company LTD. : Nand Kishore Sakarlal Balabhai: Navnitlal Sakarlal (Huf) – Respondent
JUDGMENT
Paripoornan, J.-Special leave granted in SLP Nos. 15006-15008 of 1992.
2. The revenue represented by the Commissioner of Income Tax, Gujarat at Ahmedabad, is the appellant in this batch of 10 cases. The Respondents are different assessees to income tax.
3. The revenue has filed the appeals from different orders passed by the High Court of Gujarat, rejecting the applications filed by the revenue under Section 256(2) of the Income-tax Act, 1961. The question formulated by the revenue in different cases are specified herein-below :
C.A. No. 3180/92
"Whether the Appellate Tribunal is right in law and on facts in holding that while computing long term capital gains and sale of shares, the bonus shares ought have been valued at average cost for the purposes of computing the cost of acquisition ?"
C.A. No. 3358/92
"Whether, the Appellate Tribunal is right in law and on facts in directing the I.T.O. to take the average price of bonus shares for computation of capital gains in respect of sale of 530 equity shares of Sarangpur Cotton Mfg. Co. Ltd., without reducing the cost price on receipt of bonus shares ?"
C.A. No. 4635/92
"Whether, the Appellate Tribunal is right in law and on facts in d
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