COMMISSIONER OF INCOME TAX Vs. MAHINDRA AND CO

JUDGEMENT

(1.) ON a Misc. Appln. No. 44 of 1999 in DB IT Ref. No. 33 of 1983, this Court has recalled its main order dt, 20th Jan., 1995, which includes the order dt. 11th July, 1995, whereby some correction has been made in the order dt. 20th Jan., 1995. After recalling the order dt. 20th Jan., 1995, we hear this reference afresh.

(2.) IN the reference under Section 256(1), the Tribunal has referred the following questions for our opinion:

(3.) THE assets worth Rs. 8,19,418 of Shree Vijay Laxmi Trading Company Ltd. were taken over and against that shares of the value of Rs. 5,00,000 were issued to the amalgamating company. The balance of Rs. 3,19,418 was transferred by the assessee -company to the credit of its capital reserve account.