1996 (9) TMI 3

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....Kishore Sakarlal Balabhai And Others Commissioner of Income-Tax Versus Navnitlal Sakarlal (HUF) And Another B. P. JEEVAN REDDY. and K. S. PARIPOORNAN. JUDGMENT The judgment of the court was delivered by K. S. PARIPOORNAN J. --- Special leave granted in S. L. P. Nos. 15006-15008 of 1992. The Revenue represented by the Commissioner of Income-tax, Gujarat at Ahmedabad, is the a....

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....o take the average price of bonus shares for computation of capital gains in respect of sale of 530 equity shares of Sarangpur Cotton Mfg. Co. Ltd., without reducing the cost price on receipt of bonus shares ? " Civil Appeal No. 4635 of 1992: " Whether the Appellate Tribunal is right in law and on facts in directing the Income-tax Officer to take the average price of bonus shares for computa....

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....es of Sarangpur Cotton Mfg. Co. Ltd. without reducing the cost price on receipt of bonus shares ? " Civil Appeals Nos. 1664-1665 (NT) of 1994 : " Whether the courts below were right in law and on facts in holding that the cost of original shares should be taken either at the cost price or at the substitute price as on January 1, 1964 ? " Civil Appeals Nos. 12531-12533 of 1996 : (S. L. Ps.....

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....We are of the view that on the basis of the findings entered by the Appellate Tribunal and the decisions adverted to by it, the questions of law posed in the various cases do arise out of the order of the Appellate Tribunal. It appears from the orders of the Appellate Tribunal that in disposing of the appeals and entering appropriate findings, discussion of alternate views was called for. In th....