{"id":98629,"date":"1991-08-13T00:00:00","date_gmt":"1991-08-12T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991"},"modified":"2016-04-27T07:26:28","modified_gmt":"2016-04-27T01:56:28","slug":"shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991","title":{"rendered":"Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991"},"content":{"rendered":"<div class=\"docsource_main\">Gujarat High Court<\/div>\n<div class=\"doc_title\">Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991<\/div>\n<div class=\"doc_citations\">Equivalent citations: 1993 201 ITR 653 Guj<\/div>\n<div class=\"doc_author\">Author: R Mankad<\/div>\n<div class=\"doc_bench\">Bench: R Mankad, R Abichandani<\/div>\n<\/p>\n<pre><\/pre>\n<p>JUDGMENT<\/p>\n<p>R.C. Mankad, J.<\/p>\n<p>1. The Income-tax Appellate Tribunal has referred to us for our opinion the following question under section 256(1) of the Income-tax Act, 1961 :\n<\/p>\n<p>  &#8220;Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that for the purposes of working out the capital gains arising out of the sale of 300 shares of Messrs. Alembic Chemical Works Co. Ltd., the cost of the shares to be deducted from the sale proceeds should be worked out by spreading the cost at which the original shares were purchased over the original shares and the bonus shares ?&#8221;\n<\/p>\n<p>2. As held by this court in Income-tax References Nos. 21 and 22 of 1978, decided on June 15, 1981, and Income-tax Reference No. 35 of 1980 (Alembic Chemical Works Ltd. (No. 1) v. CIT [1992] 194 ITR 497 (Guj), decided today, the above question is directly covered by the decision of the Supreme Court in CIT v. Dalmia Investment Co. Ltd. [1964] 52 ITR 567 and CIT v. Gold Co. Ltd. [1970] 78 ITR 16. We, therefore, do not consider it necessary to set out the facts involved in this reference. Respectfully following the aforesaid decisions of the Supreme Court and for the reasons recorded in our judgment in Income-tax Reference No. 35 of 1980, we answer the question which has been referred to us for our opinion, in the affirmative and against the assessee. Reference answered, accordingly, with no order as to costs.\n<\/p>\n<p>3. At this stage, Mr. K. H. Kaji, learned counsel for the assessee, prays that this may be certified to be a fit case for appeal to the Supreme Court under section 261 of the Income-tax Act, 1961. Since, in our opinion, the question which has been referred to us is directly covered by a decision of the Supreme Court, as referred to above, we do not consider this case to be fit for appeal to the Supreme Court. We, therefore, reject the prayer of Mr. Kaji.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat High Court Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991 Equivalent citations: 1993 201 ITR 653 Guj Author: R Mankad Bench: R Mankad, R Abichandani JUDGMENT R.C. Mankad, J. 1. The Income-tax Appellate Tribunal has referred to us for our opinion the following question under section 256(1) of the Income-tax Act, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,8],"tags":[],"class_list":["post-98629","post","type-post","status-publish","format-standard","hentry","category-gujarat-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991 - Free Judgements of Supreme Court &amp; High Court | Legal India\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991\" \/>\n<meta property=\"og:site_name\" content=\"Free Judgements of Supreme Court &amp; High Court | Legal India\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LegalindiaCom\/\" \/>\n<meta property=\"article:published_time\" content=\"1991-08-12T18:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-04-27T01:56:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/www.legalindia.com\/judgments\/wp-content\/uploads\/sites\/5\/2025\/09\/legal-india-icon.jpg?fit=512%2C512&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"512\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Legal India Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@legaliadmin\" \/>\n<meta name=\"twitter:site\" content=\"@Legal_india\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Legal India Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991\"},\"author\":{\"name\":\"Legal India Admin\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#\\\/schema\\\/person\\\/0bfdffe9059fb8bb24a86d094609c5ea\"},\"headline\":\"Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991\",\"datePublished\":\"1991-08-12T18:30:00+00:00\",\"dateModified\":\"2016-04-27T01:56:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991\"},\"wordCount\":345,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#organization\"},\"articleSection\":[\"Gujarat High Court\",\"High Court\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991\",\"name\":\"Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991 - Free Judgements of Supreme Court &amp; High Court | Legal India\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#website\"},\"datePublished\":\"1991-08-12T18:30:00+00:00\",\"dateModified\":\"2016-04-27T01:56:28+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#website\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/\",\"name\":\"Free Judgements of Supreme Court & High Court | Legal India\",\"description\":\"Search and read the latest judgements, orders, and rulings from the Supreme Court of India and all High Courts. A comprehensive database for lawyers, advocates, and law students.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#organization\"},\"alternateName\":\"Free judgements of Supreme Court & High Court of India | Legal India\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#organization\",\"name\":\"Judgements of Supreme Court & High Court | Legal India\",\"alternateName\":\"Legal India\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2025\\\/09\\\/legal-india-icon.jpg\",\"contentUrl\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2025\\\/09\\\/legal-india-icon.jpg\",\"width\":512,\"height\":512,\"caption\":\"Judgements of Supreme Court & High Court | Legal India\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/LegalindiaCom\\\/\",\"https:\\\/\\\/x.com\\\/Legal_india\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/#\\\/schema\\\/person\\\/0bfdffe9059fb8bb24a86d094609c5ea\",\"name\":\"Legal India Admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"caption\":\"Legal India Admin\"},\"sameAs\":[\"https:\\\/\\\/www.legalindia.com\",\"https:\\\/\\\/x.com\\\/legaliadmin\"],\"url\":\"https:\\\/\\\/www.legalindia.com\\\/judgments\\\/author\\\/legal-india-admin\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991 - Free Judgements of Supreme Court &amp; High Court | Legal India","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991","og_locale":"en_US","og_type":"article","og_title":"Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991 - Free Judgements of Supreme Court &amp; High Court | Legal India","og_url":"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991","og_site_name":"Free Judgements of Supreme Court &amp; High Court | Legal India","article_publisher":"https:\/\/www.facebook.com\/LegalindiaCom\/","article_published_time":"1991-08-12T18:30:00+00:00","article_modified_time":"2016-04-27T01:56:28+00:00","og_image":[{"width":512,"height":512,"url":"https:\/\/i0.wp.com\/www.legalindia.com\/judgments\/wp-content\/uploads\/sites\/5\/2025\/09\/legal-india-icon.jpg?fit=512%2C512&ssl=1","type":"image\/jpeg"}],"author":"Legal India Admin","twitter_card":"summary_large_image","twitter_creator":"@legaliadmin","twitter_site":"@Legal_india","twitter_misc":{"Written by":"Legal India Admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991#article","isPartOf":{"@id":"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991"},"author":{"name":"Legal India Admin","@id":"https:\/\/www.legalindia.com\/judgments\/#\/schema\/person\/0bfdffe9059fb8bb24a86d094609c5ea"},"headline":"Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991","datePublished":"1991-08-12T18:30:00+00:00","dateModified":"2016-04-27T01:56:28+00:00","mainEntityOfPage":{"@id":"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991"},"wordCount":345,"commentCount":0,"publisher":{"@id":"https:\/\/www.legalindia.com\/judgments\/#organization"},"articleSection":["Gujarat High Court","High Court"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991","url":"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991","name":"Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991 - Free Judgements of Supreme Court &amp; High Court | Legal India","isPartOf":{"@id":"https:\/\/www.legalindia.com\/judgments\/#website"},"datePublished":"1991-08-12T18:30:00+00:00","dateModified":"2016-04-27T01:56:28+00:00","breadcrumb":{"@id":"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.legalindia.com\/judgments\/shreyaben-r-mukharjee-vs-commissioner-of-income-tax-on-13-august-1991#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.legalindia.com\/judgments\/"},{"@type":"ListItem","position":2,"name":"Shreyaben R. Mukharjee vs Commissioner Of Income-Tax on 13 August, 1991"}]},{"@type":"WebSite","@id":"https:\/\/www.legalindia.com\/judgments\/#website","url":"https:\/\/www.legalindia.com\/judgments\/","name":"Free Judgements of Supreme Court & High Court | Legal India","description":"Search and read the latest judgements, orders, and rulings from the Supreme Court of India and all High Courts. A comprehensive database for lawyers, advocates, and law students.","publisher":{"@id":"https:\/\/www.legalindia.com\/judgments\/#organization"},"alternateName":"Free judgements of Supreme Court & High Court of India | Legal India","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.legalindia.com\/judgments\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.legalindia.com\/judgments\/#organization","name":"Judgements of Supreme Court & High Court | Legal India","alternateName":"Legal India","url":"https:\/\/www.legalindia.com\/judgments\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalindia.com\/judgments\/#\/schema\/logo\/image\/","url":"https:\/\/www.legalindia.com\/judgments\/wp-content\/uploads\/sites\/5\/2025\/09\/legal-india-icon.jpg","contentUrl":"https:\/\/www.legalindia.com\/judgments\/wp-content\/uploads\/sites\/5\/2025\/09\/legal-india-icon.jpg","width":512,"height":512,"caption":"Judgements of Supreme Court & High Court | Legal India"},"image":{"@id":"https:\/\/www.legalindia.com\/judgments\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/LegalindiaCom\/","https:\/\/x.com\/Legal_india"]},{"@type":"Person","@id":"https:\/\/www.legalindia.com\/judgments\/#\/schema\/person\/0bfdffe9059fb8bb24a86d094609c5ea","name":"Legal India Admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","caption":"Legal India Admin"},"sameAs":["https:\/\/www.legalindia.com","https:\/\/x.com\/legaliadmin"],"url":"https:\/\/www.legalindia.com\/judgments\/author\/legal-india-admin"}]}},"modified_by":null,"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/posts\/98629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/comments?post=98629"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/posts\/98629\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/media?parent=98629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/categories?post=98629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/judgments\/wp-json\/wp\/v2\/tags?post=98629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}