HARI BROTHERS PRIVATE LIMITED Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THIS order will dispose of Civil Writs Nos. 257-D and 258-D of 1962.

(2.) THE petitioner, Hari Brothers Private Limited, has preferred a petition under articles 226 and 227 of the Constitution and has prayed for the issuance of a writ of certiorari calling for the records pertaining to the aforesaid proceedings under section 34(1)(b) of the Indian Income-tax Act and to quash the notice under section 34 of that Act.

(3.) THE word "relinquishment" has been newly inserted. I am inclined to agree with the contention on behalf of the èrespondents that a right to subscribe for shares is property and it is a "capital asset".