provides:
"No company limited by shares shall have power to buy its own shares or the shares of a public company of which ... says that the right of every share-holder to or in respect of any share in the dissolved company is extinguished, it goes
shares in the Iron & Steel Co. as are equivalent in number and value to the Preference shares held by him in the dissolved company ... each, held by him in, the dissolved company.
(c) Every officer or other servant of the dissolved company would from 1-1-1953 become
interest on securities, dividends, property and dealing in shares. One share of Shorrock Spinning and Manufacturing Company was purchased ... completion of the scheme of amalgamation, the old company stood dissolved and consequently the shares of the old company had no value. The receipt
allotted shares in NS company. One
share of Rs.125 was to be issued against two shares of that company
and S company ... dissolved. The assessee was allotted 45
shares of S company which were later on sold. The ITO wanted to tax
the same, but assessee objected
S.P. Gupta vs Union Of India & Anr on 30 December, 1981
Bench: P
The State Of Madras vs Gannon Dunkerley & Co.,(Madras) Ltd on 1 April, 1958
891H]
In the instant case the assessee company was neither
dissolved nor was its business undertaking sold. It
continued to exist as a juristic entity ... case, it is necessary to bear in mind
that the Company was neither dissolved nor was its business
undertaking sold. It continued to exist
Shri Manoj Aggarwal, Bemco Jewellers ... vs Dcit on 25 July, 2008
ORDER
1. ITA No
company buying assets of the main company and flouting a new
Company-If fraudulent transaction-old company dissolved-Suit
by shareholders of old company ... binding on
the old company and the plaintiffs; (3) the suit was barred
by limitation; (4) the old company was dissolved in
,accordance with
transferee company.
The newly created shares were to rank pari passu with the
existing shares of the transferee company in all respects.
Under the scheme ... Shorrock
Co., the transferor company, one share in the transferee
company for every two shares of the transferor company held
by them. The order
