Supreme Court of India
Hansa Industries Pvt. Ltd. and Ors. v. Kidarsons Industries Pvt. Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that since no demand of capital gains tax has been A made so far, if any such demand is made in future in respect of the transfer of assets under the settlement for which 20% has been deducted by the Chartered Accountants, the respondent-Company shall challenge the demand provided the appellants shall place at its disposal necessary funds for the purpose.
Judgment, page 15
From the headnote
Companies Act; Ss. 100-104: Filing of Petition for winding up of a company by appellant No.2 and counter petitions by respondents/brothers for issuance ;f ilyunction to appellant No.2 from carrying on Agency business of a foreign company Settlement-Appellant No.2 agreeing to transfer certain percentage of equity shares of the company in favour of respondents in lieu of transferring of assets of the company and also a residential property in his favour-Allegedly, value of the property exceeding the amount as settled and also causing inconvenience to respondents-Disputes-Court directing…
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