Supreme Court of India
Commissioner of Income Tax, Madras v. M/s. Amalgamation Pvt. Ltd.
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.
What the Court ordered
In the result, Civil Appeals Nos. 139-142of1980 filed by the Revenue and Civil Appeals Nos. 7-11 of 1980 filed by the assessee-company are dismissed.
Judgment, page 22
From the headnote
Income Tax Act, 1922 : Section 12- -Capital gains-Assessee company holding shares of several companies-Assessee company indebted to a Finance company, a subsidiary company of its subsidiary-To liquidate liability, shares were sold at prices fixed by the Companies Law Department in consultation with Central Board of Revenue to the Finance company-Object of sale, whether I on facts was avoidance of or resultU in reduction of liability to tar-Held, object of transaction was not to avoid or reduce liability to capital gain tax as the sale was made to a company with whom the assessee company was
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