1993 (2) TMI 67

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..... S. PARIPOORNAN J.-The petitioner is a public limited company. The respondent is the Revenue. The matter involved herein relates to the assessment year 1978-79 for which the previous year ended on June 30, 1977. During the accounting year relevant to the assessment year, the assessee had transferred certain shares of other companies held by it. The entire sale consideration was received by the as....

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..... The Income-tax Officer, the Commissioner of Income-tax as also the Income-tax Appellate Tribunal negatived the said plea. The Appellate Tribunal took the view that the shares are movable assets and, therefore, transfer thereof is guided by the Sale of Goods Act. It took place as and when possession was handed over to the transferee and consideration was received. The Appellate Tribunal relied up....

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....purpose of section 45 of the Act in the assessment year 1978-79. The order of the Appellate Tribunal is dated October 29, 1985. The assessee filed an application under section 256(1) of the Income-tax Act, 1961, for referring the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that transfer....

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....w formulated in paragraph 6 of the original petition for the decision of this court. We heard counsel. We perused the appellate order passed by the Appellate Tribunal. The relevant dates are not in dispute. It is conceded that the company passed a resolution and the share certificates were delivered and consideration was also received during the accounting period relevant to the assessment year....