1990 (1) TMI 15 - HC - Income Tax

Summary

The High Court of Calcutta ruled in favor of the assessee regarding the valuation of shares of East India Commercial Co. (P.) Ltd. The Tribunal determined that the shares were freely transferable and should be valued using the yield method, not the break-up value method. The Court agreed with the Tribunal's decision, stating that there were no restrictions on transferring the shares according to the articles of association. The judgment was delivered by Judges Bhagabati Prasad Banerjee and Suhas Chandra Sen.