Appeal from the judgment and order dated February 5, 1965 of the Calcutta High Court in Income tax Reference NO.
Whether on the facts and in the circumstances of the case the bonus shares in question can be said to have been issued within the meaning of the second proviso to paragraph D of Part 11 of the Finance Act, 1956 to the shareholders by the assessee during the accounting year ended 31st December, 1955 relevant for the assessment year 1956 57 The facts relevant for the purpose of deciding this appeal may number be stated The appellant is a companypany incorporated under the Indian Companies Act.
It carries on business of manufacture of paper.
Sen, S. K. Aiyar, B. D. Sharma and R. N. Sachthey, for the respondent.
K. Sen, T. A. Ramachandran and D. N. Gupta, for the appellant.
50,07,500/ should be included in the paid up capital of the assessee within the meaning of that term in pursuance of sub section 1 of the explanation to paragraph of Part II of the Finance Act, 1956 for the relevant assessment year ?
CIVIL APPELLATE JURISDICTION Civil Appeal No.
It arises out of the judgment and order of that High Court dated February 5, 1965 in a reference under s. 66 1 of the Act.
The Judgment of the Court was delivered by Hegde, J. This appeal is by a certificate under S. 66A 2 of the Indian Income Tax Act, 1922 which will hereinafter be called the Act issued by the High Court of Calcutta.
In the reference mentioned earlier, two question of law were referred to the High Court for its opinion.
32 of 1961.
1669 of 1966.
