2003 (3) TMI 61 - CALCUTTA HIGH COURT - Income Tax

Head Note / Extract:
"1. Whether the learned Tribunal was justified in law in deleting the addition of Rs. 3,93,000 as introduction of share capital? - 2. Whether the Tribunal was justified in law in directing the Assessing Officer to charge tax at 55 per cent. instead of 65 per cent. although the 'a' is not entitled for the same as per term and condition as per company's law?" – We answer question No.1 in favour of the Revenue in the negative. – We answer question No. 2 in the negative in favour of the Revenue.