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Citation: 1971 PTD 1022
Court: Allahabad High Court
Year: 1970
Decision Date: 1970-12-31
Parties: J. K. COMMERCIAL CORPORATION LTD. vs COMMISSIONER OF INCOME-TAX, U. JUDGMENT
Case cited as 1971 PTD 1022
Court Name: Allahabad High Court Judge(s): V. G. Oak, T. P. Mukherjee Title:J. K. COMMERCIAL CORPORATION LTD. vs COMMISSIONER OF INCOME-TAX, U. JUDGMENT Reported As: 1971 PTD 1022 Result: interim order Judgment JUDGMENT MUKHERJEE, J.----This is a case stated under section 66(1) of the Income-tax Act, 1922, by the Allahabad Bench of the Appel--late Tribunal. The material facts are these: The Muir Mills Ltd. Is a public limited company, having a share capital of Rs. 60,03,000 divided into 30001 ordinary shares of Rs. 100 each and 30000 preference shares of Rs. 100 each. Previously, one Mr. K. J. D. Price and Mr. T. 1. Smith were the managing directors of this company and they, along with the members of their family and friends, held the largest single block of shares in the company. Towards the end of the year 1945, they decided to leave India and sell away their shares. Their shares wore purchased by Major-General Mahabir Shamsher Jung Bahadur Rana, Major- General Madan Shamsher Jung Bahadur Rana and Shri Hanuman. Prasad Dhanuka. They also purchased some More shares in the open market and by May 1947, they possessed 5,085 ordinary shares and 19,540 preference shares of the said company. Thereafter, they floated two private companies, viz., the Indian Textile Syndicate Ltd. And the Cotton Textile Corporation Ltd. The Indian Textile Syndicate Ltd. Was appointed as the managing agents and the Cotton Textile Corporation Ltd. As the selling agent of the Muir Mills. Subsequently,…
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