96,735.85 in respect of Indian Mills Supply Company Private Limited and Rs.
Appeal by certificate from the judgment and order dated February 28, 1969 of the High Court at Madras in Tax Case No.
41,960.56 in respect of Pandyan Weaving Mills Private Limited was deducted, leaving a balance of Rs.
C. Manchanda, P. L. Juneja and R. N. Sachthey, for the appellant.
T. Desai and T. A. Ramachandran, for the respondent.
The assessee was companysequently held liable to pay tax on the sum of Rs.
1,37,904.73.
59,104 on the basis that the companyt of shares distributed by the liquidators should be taken at the figure at which they had been acquired by the companypanies which distributed the shares.
95,944.00 as capital gains but subsequently it filed a statement showing a loss of Rs.
95,944.
Out of that, loss amounting to Rs.
41,168 88 in respect of Harveys Private Limited making a total of Rs.
The Income tax Officer assessed the assessee companypany to capital gain at the sum of Rs.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
1,83,175 in respect of Indian Mills Company Private Limited, Harveys Private Limited and Pandyan Weaving Mills Private Limited respectively.
4,57,858, Rs.
In the companyrse of the liquidation proceedings, the liquidiators made distribution in the relevant year of account and the assessee companypany got cash or assets in lieu of cash of the amount of Rs.
The matter relates to assessment year 1961 62.
The transaction, according to the Tribunal, companyld also be viewed as a relinquishment.
124 of 1965.
95,944.00.
The Judgment of the Court was delivered by KHANNA, J. This appeal on certificate has been filed by the Commissioner of Income Tax against the judgment of Madras High Court whereby that companyrt answered the following question referred to it under section 66 1 of the Indian Income Tax Act, 1922 hereinafter referred to as the Act in the negative in favour of the assessee respondent Whether on the facts and circumstances of the case, the Tribunal was right in holding that the sum of Rs.
Aggrieved by the order of the Income tax Officer the assessee filed appeal before the Appellate Assistant Commissioner and on being unsuccessful there, filed further appeal before the Income Tax Appellate Tribunal.
1394 of 1970.
The assessee companypany at first showed the sum of Rs.
The revenue took the view that by reason of the distribution of assets of the three private companypanies under liquidation by the liquidators, there had been a capital gain of Rs.
The above three companypanies went into voluntary liquidation in December, 1959.
1,41,739 and Rs.
The assessee is a public limited companypany carrying on the business of manufacture and sale of yarn.
