TMI Blog1996 (9) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... 56(2) - We direct the Income-tax Appellate Tribunal, Ahmedabad, to refer the questions of law in the different cases - - - - - Dated:- 26-9-1996 - Commissioner of Income-Tax Versus Sakarlal Balabhai And Company Limited And Others Commissioner of Income-Tax Versus Nand Kishore Sakarlal Balabhai And Others Commissioner of Income-Tax Versus Navnitlal Sakarlal (HUF) And Another B. P. JE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on sale of shares, the bonus shares ought to have been valued at average cost for the purposes of computing the cost of acquisition ? " Civil Appeal No. 3358 of 1992: " Whether the Appellate Tribunal is right in law and on facts in directing the Income-tax Officer to take the average price of bonus shares for computation of capital gains in respect of sale of 530 equity shares of Sarangpur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of bonus shares ? " Civil Appeal No. 4636 of 1992: " Whether the Appellate Tribunal is right in law and on the facts in directing the Income-tax Officer to take the average price of bonus shares for computation of capital gains in respect of sale of 660 equity shares of Sarangpur Cotton Mfg. Co. Ltd. without reducing the cost price on receipt of bonus shares ? " Civil Appeals Nos. 1664- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he minimal facts, and the findings of the Appellate Tribunal and has failed to give the reasons as to why the applications are rejected. Various orders appealed against are far from satisfactory. We have perused the orders passed by the Appellate Tribunal in the appeals. We are of the view that on the basis of the findings entered by the Appellate Tribunal and the decisions adverted to by it, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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