ORIENTAL INVESTMENT CO, (PVT.) LTD. vs COMMISSIONER OF INCOME-TAX, — 1972 PTD 181

Citation: 1972 PTD 181

Court: Supreme Court of India

Year: 1971

Decision Date: 1971-12-31

Parties: ORIENTAL INVESTMENT CO, (PVT.) LTD. vs COMMISSIONER OF INCOME-TAX, JUDGMENT

Headnotes

Case cited as 1972 PTD 181

Judgment Text

Court Name: Supreme Court of India Judge(s): V. Ramaswa mi, A. N. Grover, J. C. Shah Title:ORIENTAL INVESTMENT CO, (PVT.) LTD. vs COMMISSIONER OF INCOME-TAX, JUDGMENT Reported As: 1972 PTD 181 Result: company made Judgment JUDGMENT RAMASWAMI, J.-These appeals are brought by certificate from the judgment of the Bombay High Court dated March 2, 1966, in income-tax Reference No. 73 of 1962. The appellant-company, hereinafter called the assessee --company, was incorporated on July 29, 1924, as an investment company, the objects of which are set out in clause III of the memorandum of association and more particularly in sub --clauses 1, 2, 15 and 16 of that clause. The assessment years in question are 1943-44 to 1948-49, excepting the year 194748. According to its petition made in the High Court, the assessee --company dealt with its assets as follows:- "The petitioner-company purchased during the period 1st July 1925, to 30th June 1928, shares of the value of Rs. 1,86,47,789, major portion of which was comprised of shares in the Sassoon Group of Mills. During the year ended 30th June 1929, the petitioner-company promoted two companies known as Loyal Mills Ltd. And Hamilton Studios Ltd. And took over all their shares of the value of Rs. 10-- lakhs. In the year 1930, the petitioner-company purchased shares of Rs. 1,33,930. During the period of 9 years from 1st July 1930 to 30th July 1939, no purchases were made with the exception of a few shares of Loyal Mills Ltd., taken over…

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