1988 (12) TMI 95

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....d in this reference at the instance of the Department are "R. A. No. 1707 (Bom) of 1973-74: (i) Whether, on the facts and circumstances of the case and having regard to the scheme of amalgamation between New Shorrock Spinning and Manufacturing Co. Ltd. and the assessee, any sum could be assessed in the hands of the assessee as capital gains having accrued to it by exchange or relinquishment as p....

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.... decision, we should answer this question in the negative and in favour of the assessee. As regards the second question in R. A. No. 1707 (Bom) of 1973-74, counsel are agreed that this question does not survive for consideration in view of our answer to the first question in favour of the assessee. This takes us to the remaining one and the only question of law arising out of R. A. No. 1708 (Bom....