1987 (4) TMI 48 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee on two questions of law related to the assessment years 1966-70. The court held that shares held by two banks as nominees of a trust should be treated as shares held by two persons, not one. The court also determined that certain values should be included in the capital base for tax relief purposes under section 80J of the Income-tax Act. The judgment favored the assessee with no costs awarded.