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Judgment Search Results Home  Phrase:companies act 1956 preamble 1  Year:1967

May 02 1967

Commissioner of Income-tax, Hyderabad Vs. Motors and General Stores (P ...

  • Decided on : 02-May-1967

Court : Supreme Court of India

Reported in : [1967]66ITR692(SC); [1967]3SCR876

..... transaction. it was contended that, in the present case, there was in substance a sale of sree rama talkies by the assessee-company for a money consideration of rs. 1,20,000/-, though the mode of payment was by transfer of shares and the resolution of the board of directors dated september 9, ..... value by rs. 43,568/- and accordingly computed the profits under section 10(2)(vii) of the income-tax act, 1922 and included the amount in the taxable income of the assessee-company. the order of the income-tax officer was confirmed by the appellate assistant commissioner in appeal and by the income ..... as directed by the high court, the appellate tribunal stated a case under section 66(2) of the income-tax act, 1922 on the following question of law : ' (1) whether the transaction dated 21-2-1956 amounts to a sale within the purview of the second proviso to section 10(2) (vii) of the indian ..... the entire concern known by the name of sree rama talkies'. but, in our opinion, neither the recital in the preamble nor the resolution of the board of directors ..... ,000/-. mr. narasaraju also referred to the preamble in which the resolution of the board of directors dated september 9, 1955 is quoted and also the resolution of the meeting of the general body of the assessee-company held on october 4, 1955, authorising the managing director to negotiate 'for the sale of .....

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