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Initializing Secure Chambers
Petitioner: COMMISSIONER OF INCOME-TAX VS Respondent: T. S. SRINIVASAN and others
Court Name: Madras High Court Judge(s): K. A. Thanikkachalam, S. M. Siddick Title: COMMISSIONER OF INCOME-TAX vs T. S. SRINIVASAN and others Case No.: T. C. Nos.983 to 985 of 1981 Date of Judgment:2000-01-09 Reported As: 2000 PTD 2605 Result: Order accordingly
JUDGMENT
JUDGMENT K. A. THANIKKACHALAM, J.---At the instance of the Department, the Tribunal referred the following questions for the opinion of this Court under section 256(1) of the Income Tax Act, 1961: "(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the value of shares as on January 1, 1954, should not be taken by averaging the cost taking into account the bonus shares received subsequently? (2) Whether the Appellate Tribunal was right in holding the provision for gratuity should be treated as a liability and should be deducted from the value of the assets for finding out the break up value of the shares? (3) Whether the Appellate Tribunal was right in holding that the provisions of section 52(2) could not be invoked in the assessee' case?" M.B.A./4153/FC-