1987 (6) TMI 4

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....s application that the judgment and order of this court dated September 2, 1985, involves substantial questions of law and is a fit case for appeal to the Supreme Court. The substantial questions which are stated to arise from the judgment are as follows : "(1) Whether, on the facts and in the circumstances of the case and having regard to the fact that no money was received against the debentu....

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....e are unable to accept this contention of the applicant. We have considered the decision of the Bombay High Court in the case of CIT v. Century Spg. and Mfg. Co. Ltd. [1978] 111 ITR 6. In the said case, the question which arose was in respect of issue of bonus shares and not in respect of debentures and it was held by this court in the case of the same assessee in CIT v. Standard Pharmaceuticals L....