85 per share and the total companyt to the Assessee Company was Rs.
On March 18, 1949 the Assessee Company sold 3,750 shares for Rs.
On August 2, 1948, the Assessee Company sold the original shares for Rs.
Appeal from the judgment and order dated April 27, 1963 of the Calcutta High Court in Income tax Reference No.
84,041/12, as stated above.
46,541 12 0 as follows Dr. Sold Cr.
As a result, the Ass essee Company obtained 3750 shares of the face value of Rs.
The bonus shares were to rank pari passu with the old shares.
The previous years companyresponding to the assessment years were the financial years ending 31st March, 1949 and 1950, 1 respectively.
According to him the loss was Rs.
Sen, T. A. Ramachandran and R. N. Sachthey, for the appellant in both the appeals .
65 of 1954.
72,087/8, i.e. at about Rs.
CIVIL APPELLATE JURISDICTION Civil Appeals Nos.
Its method of valuation at the opening and closing of the stocks is to value shares at companyt.
The Judgment of the Court was delivered by Hidayatullah, C.J These are two appeals by the Commis sioner of Income Tax, Central, Calcutta against Messrs. Gold Mohore Investment Co. Ltd. and arise out of Income tax Reference 65/54 decided by the Calcutta High Court on August 27, 1963.
The Assessee Company is a dealer in shares.
1236 and 1237 of 1967.
10 each.
a.P. Rs.
Sachin Chaudhuri, A. N. Miiter and I. N. Shroff, for the respondent in both the appeals .
29 per share.
In the Assessment Year 1949 50 the Company held 2,500 shares of the face value of Rs.
respectively.
The point involved in the appeals is the valuation of bonus shares in the assessment years ending March 31, 1950 and 1951.
10 each in the Howrah Mills Co. Ltd. They had been purchased at Rs.
2,12,500.
The Income tax Officer did number accept this mode of calcula tion.
In June, 1948 bonus shares were issued by the Howrah Mills Co. Ltd. in proportion of three shares for every two original shares.
