Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (8) TMI 95 - BOMBAY HIGH COURTComputing the capital gain or loss – sale of shares - "(1) Whether, Tribunal was right in holding that, considering the provisions of sections 47, 49 and 55, the assessee-company was not entitled to exercise the option to substitute the fair market value as on January 1, 1964, of the shares of J&P Coats (India) Ltd., and A & F Harvey Ltd., as cost of acquisition of shares of Madura Coats Ltd. sold by it, under section 55 in computing the capital gain or loss? (2) whether, Tribunal was right in holding that for purpose of computing capital gains, the assessee-company was required to value the said shares sold by it on the basis of cost and not on the basis of yield method?" – Question no. 1 is answered I negative and in favour of assessee - Matter remanded
|