THE INDRA COMPANY LIMITED(AS SAUMYA TRADE & FISCAL SERVICES P. LTD. MERGED INTO THE INDRA CO. LTD.),KOLKATA vs. I.T.O., WARD - 12(3),, KOLKATA

In the result, the appeal of the assessee is partly allowed for\nstatistical purposes

section 12B of the 1922 Act. On appeal, the AAC confirmed\nthe order of the ITO and on second appeal, the Tribunal confirmed\nthe order of the AAC. On reference, the High Court, however, held that the\ndifference in book value and market price of the shares did not\nrepresent capital gains