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Issues involved:
The issue involves the determination of the timing of the transfer of shares for the purpose of section 45 of the Income-tax Act, 1961, in relation to the assessment year 1978-79. Judgment Details: The petitioner, a public limited company, was in a dispute with the Revenue regarding the transfer of shares during the assessment year 1978-79. The Revenue contended that the transfer of shares occurred within the previous year, ending on June 30, 1977, based on the receipt of sale consideration and other actions taken by the company. The assessee argued that the transfer was registered in the company's books after June 30, 1977, and therefore, should be considered for the subsequent assessment year 1979-80. However, the Income-tax Officer, Commissioner of Income-tax, and the Income-tax Appellate Tribunal rejected the assessee's plea, relying on legal precedents such as the Sale of Goods Act and previous court decisions. The Appellate Tribunal concluded that the transfer of shares was complete during the assessment year 1978-79, based on the actions taken by the company and the transfer of possession to the transferee. The Appellate Tribunal declined the assessee's plea to refer the question of law to the court, stating that its decision was based on established legal principles from Supreme Court decisions. Subsequently, the assessee filed an original petition requesting the Appellate Tribunal to refer the question of law for the court's decision. After reviewing the appellate order and relevant dates, the court found that the transfer of shares was indeed completed during the assessment year 1978-79, in line with previous legal interpretations. The court emphasized that the question of law raised was academic and not referable, ultimately dismissing the original petition. In conclusion, the court declined to direct the Income-tax Appellate Tribunal to refer the question of law raised by the petitioner, as the transfer of shares was deemed complete during the assessment year 1978-79 based on established legal principles and precedents. The original petition was dismissed.
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