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1 - 10 of 20 (0.52 seconds)Section 269UA in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Article 6 in Constitution of India [Constitution]
Section 41 in The Maharashtra Co-Operative Societies Act, 1960 [Entire Act]
Commissioner Of Income-Tax vs Shree Nirmal Commercial Ltd. (And Vice ... on 27 April, 1994
In the Bombay High Court decisions in the case of Shree Nirmal Commercial Ltd. v. CIT [1992] 193 ITR 694 and CIT v. Shree Nirmal Commercial Ltd. [1995] 213 ITR 361 (FB) the non-refundable deposits entitling or carrying occupancy rights and right of allotment of flats, were held to be, in fact, sale of flats by the company. Here also the preference shares are irredeemable.
The Commissioner Of Income-Tax ... vs Standard Vacuum Oil Company on 26 October, 1965
16. What is a share ? It is not defined under the IT Act. Section 2(46) of the Companies Act, 1956, defines 'share' to mean a share in the share-capital of a company and includes stock except where a distinction between stock and share is expressed or implied. The Supreme Court observed in CIT v. Standard Vaccum Oil Co. [1966] 59 ITR 685 that by a share in a company is meant not any sum of money, but an interest measured by a sum of money and or of diverse rights acquired on its holder by the articles of the company, which constitute a contract between him and the company. The share represents the assessee's interest in the company and the right to share the income, if declared. By itself it has no proprietary right. It is not a denominative of one's right in some tangible and existing property, but an interest to participation in the assets of the company on its liquidation and right to share the income if declared as dividend. In that sense the impugned shares held by the assessee are nothing but occupancy right and, therefore, the transfer of shares is also nothing but a transfer of occupancy right. This may, however, be not misunderstood that in that case the Explanation to section 2(42A) of the Act can never apply to any shares held by an assessee. It would apply to the shares as understood in the common parlance. However, as stated above, the preference shares held by the assessee in this case are not the shares as understood in the normal sense, which carry right of participation in assets on dissolution and profit on declaration. But, as stated above, these shares carry right of occupancy on allotment itself and, therefore, these are not the shares simpliciter, but denominative of existing right of occupancy.
Commissioner Of Income-Tax Bombay Etc vs Podar Cement Pvt. Ltd. Etc on 27 May, 1997
In any case, as held by the Supreme Court in CIT v. Podar Cement (P.) Ltd. [1997] 226 ITR 625/92 Taxman 541, the definition given in section 27 is declaratory/clarificatory in nature and is within the natural import of its term.
Mulshanker Kunverji Gor And Ors. vs Juvansinhji Shivubha Jadeja on 18 September, 1979
11. The full Bench of the Gujarat High Court in the case of Mulshankar Kunverji Gor v. Juvanshinhji Shivbha Jadeja AIR 1980 Guj. 62 (FB) held that "When a member of the Co-operative Society transfers his share to another with the approval of the society he, not only transfers the shares but also as a necessary incident thereof transfers his interest in the immovable property which has been allotted to him.