COMMISSIONER OF INCOME TAX Vs. GUEST KEEN AND NETTLEFOLD LTD
LAWS(CAL)-1976-12-5
HIGH COURT OF CALCUTTA
Decided on December 03,1976

COMMISSIONER OF INCOME-TAX Appellant
VERSUS
GUEST KEEN AND NETTLEFOLD LTD. Respondents





Cited Judgements :-

ANDHRA PRADESH STATE FINANCIAL CORPORATION LIMITED VS. COMMISSIONER OF INCOME TAX [LAWS(APH)-1984-7-30] [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. CALCUTTA DISCOUNT CO PVT LTD [LAWS(CAL)-1986-3-40] [REFERRED TO]


JUDGEMENT

Sankar Prasad Mitra, C.J. - (1.)This is a reference under Section 256(1) of the Income-tax Act, 1961. The assessee is a sterling company. It has been assessed to income-tax as a non-resident. The assessment relates to the assessment years 1961-62 and 1962-63.
(2.)The assessee had a controlling interest in M/s. Guest Keen Williams Ltd. of India. It had 14,10,600 ordinary shares of Rs. 10 each in the Indian company. The issued capital of the Indian company was divided into 20 lakhs ordinary shares of Rs. 10 each.
(3.)The Indian company on May 13, 1960, applied for rights issues of capital at the rate of one share for each share held already by a shareholder.
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