https://www.taxtmi.com/caselaws?id=11865 The court ruled in favor of the assessee in a case involving the interpretation of the Income-tax Act and Companies (Profits) Surtax Act. The court held that the scheme for reduction of share capital under the Companies Act, 1956, remained unapproved, rendering the Assessing Officer's tax assessments on sacrifices made by creditors unfounded. The court affirmed the Appellate Tribunal's decision that the scheme had not come into force, leading to the inapplicability of tax provisions. Consequently, the court rejected the Revenue's stance and upheld the Tribunal's decision in favor of the assessee, canceling surtax assessments for specific years. en-us Mon, 11 Nov 2002 00:00:00 +0530 Wed, 10 Feb 2010 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11865 The court ruled in favor of the assessee in a case involving the interpretation of the Income-tax Act and Companies (Profits) Surtax Act. The court held that the scheme for reduction of share capital under the Companies Act, 1956, remained unapproved, rendering the Assessing Officer's tax assessments on sacrifices made by creditors unfounded. The court affirmed the Appellate Tribunal's decision that the scheme had not come into force, leading to the inapplicability of tax provisions. Consequently, the court rejected the Revenue's stance and upheld the Tribunal's decision in favor of the assessee, canceling surtax assessments for specific years. Case-Laws Income Tax Mon, 11 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11865