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1957 (5) TMI 4 - SC - Income Tax
Whether the assessee company made a capital gain amounting to ₹ 81,81,900 within the meaning of section 12B of the Indian Income-tax Act ?
Held that:- The answer was correctly given by the High Court of Bombay. The transaction in its true legal character was a relinquishment of the managing agency and was neither a sale nor a transfer thereof. Therefore, the High Court correctly answered the question in the negative. Appeal dismissed.