LAWS(CAL)-2003-4-36

COMMISSIONER OF INCOME TAX Vs. KUNDAN INVESTMENT LTD

Decided On April 09, 2003
COMMISSIONER OF INCOME TAX Appellant
V/S
KUNDAN INVESTMENT LTD. Respondents

JUDGEMENT

(1.) IN this reference, three questions have since been referred to viz. :

(2.) FROM the above questions, it appears that there are two parts in this case. One part relates to the subscription to share capital and the other part relates to loss in share transaction. So far the capital part is concerned, the same can be divided into two parts. One in respect of promoters' quota and the other in respect of public issue. Loss of share : Question No. 3

(3.) HAVING regard to the proposition of law as discussed above and the facts and circumstances of the case, we find that in the present case, the view taken by the learned Tribunal cannot be said to be erroneous or perverse. Therefore, we answer the question No. 3 in the negative in favour of the assessee. Sec. 68 : The principle : Respective contentions