Supreme Court of India
Shekhawati General Traders Ltd. v. Income Tax Officer, Company Circle I, Jaipur
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
Income-tax Act, 1961-Sections 147 and 55 and its scope. Jn 1949, the assessee company had acquired ·some ordinary shares of a company of the face value of Rs. 10/. each. On this holding the assessee had received certain bonus shares. The assessee further acquired a certain number of right shares of the same company in 1961. During the assessment year 1962-63 it sold a certain number of shares which it held prior to January 1, 1954 and calculated the cost price of the shares sold, at tho market rate prevailing on January 1, 1954. Similarly, the assessee acquired certain ordinary shares of
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