2023 (2) TMI 1380

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....x<br>The Hon&#39;ble Mr. Justice P.S. Dinesh Kumar And The Hon&#39;ble Mr. Justice Ramachandra D. Huddar For the Appellants : By Shri. E.I. Sanmathi, Senior Standing Counsel. For the Respondent : Shri. A Shankar, Senior Advocate, As Amicus Curie For Respondent; Shri. Narendra Kumar Jain, Advocate). JUDGMENT PER P.S. DINESH KUMAR, J. This appeal by the Revenue directed against order ....

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....essee. 3. Assessee is a company in the business of investing in shares, leasing, financing and money lending. It has purchased 14,95,44,130 shares of Asianet Pvt.Ltd., having face value of Rs.&nbsp;10/-. 4. Undisputed facts of the case are, by the order of High Court of Bombay, share capital of Asianet Pvt.Ltd. was reduced to 9988. The face value of the share remained as Rs.&nbsp;10/- after ....

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....rbed. In support of his contentions, he placed reliance on Vania Silk Mills (P) Ltd. vs. Commissioner of Income Tax [(1991) 59 TAXMAN 0003]. 6. Shri Shankar, learned Senior Advocate submitted that reduction in number of shares and retaining the voting power are two distinct aspects. Once the number of shares is reduced and the face value of the share remains unchanged upon transfer, the rede....

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.... good law and the said position in law is not refuted by Shri Sanmathi. 7. We carefully considered rival contentions and perused the records. 8. Undisputed facts are, pursuant to the order passed by the High Court of Bombay, number of shares has been reduced to 9988. It is significant to note that the face value of the share has remained same at Rs.&nbsp;10/- even after the reduction. The AO....