Hunsur Plywood WorkLtd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1997-11-19 AY: 1972-73, 1973-74, 1974-75 Section: 34(3)(a)(i), 155(5)(ii)(a) Acts: Income Tax Act 1961 Result: Assessee Citation: (1997) 143 CTR (SC) 313 : (1998) 229 ITR 112 (SC) : (1997) 95 TAXMAN 460 Justices: SuhaC. Sen & V.N. Khare, JJ. Appeal No: Civil Appeal Nos. 140 to 142 of 1988*
Whether issuance of bonus shares from development rebate reserve amounts to distribution of profits under sections 34(3)(a)(i) and 155(5)(ii)(a) of the Income Tax Act, 1961, thereby justifying withdrawal of development rebate allowance? --- Held No.

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