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1972 (6) TMI 13 - BOMBAY HIGH COURTIn this petition under article 226 of the Constitution the petitioner-company has challenged the legality and correctness of the order, dated March 30, 1967, whereby the first respondent, Income-tax Officer, in computing the income-tax liability computed the capital gains made by the petitioner-company for the assessment year 1962-63 at Rs. 47,97,735 - The year in which the ownership of the capital is transferred will be the previous year for the assessment of capital gains by the shareholder - It is also not possible for me to make a finding that this petition is not well-founded, in view of the fact that the vires of section 46 are challenged in this petition. I have not found it necessary to decide this question because I was in favour of the assessee-company on the main question
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