Supreme Court · 1983 INSC 80 · Decided 21 July 1983
Commissioner of Income-Tax Bombay City-Iii, Bombay v. Shantilal Private Limited Bombay
- Court
- Supreme Court of India
- Citation
- 1983 INSC 80 · [1983] 3 S.C.R. 470
- Case number
- TAX REFERENCE CASE No. 4/1978
- Decided
- 21 July 1983
- Bench
- R.S. PATHAK, E.S. VENKATARAMIAH, AMARENDRA NATH SEN (3-judge bench)
- Outcome
- Reference answered
- Case type
- Tax
- Acts & sections cited
- Contract Act Section 63, 73; Income Tax Act Section 43, 43(5)
Headnote
F G .ff 470 COMMISSIONER OF INCOME-TAX BOMBAY CITY-III, BOMBAY v. SHANTILAL PRIVATE LIMITED BOMBAY July 21, 1983 [R. S. PAIBAK, E. S. VENKATARAMJAH AND A. N. SEN JJ.] Income-tax Act, 1961-Sub-s. (5) of s. 43-Speculative transaction. A trans~ctian where there is a brtach of contract 14nd damages that a sun1 of Rs. 1,50,000 paid by them as compensation for b~ing unable lo fulfil a contract was a business loss. The Income tax officer rejected the claim on the ground that the transaction was a speculative transaction as defined by sub-s. (5) of s. 43 of the Income-tax Act, 1961. The
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