Supreme Court · 1975 INSC 46 · Decided 25 February 1975
Commissioner of Income Tax (Central) Delhi v. Harprasad & CO. (P) LTD.
- Court
- Supreme Court of India
- Citation
- 1975 INSC 46 · [1975] 3 S.C.R. 696
- Case number
- CIVIL APPEAL No. 494/1970
- Decided
- 25 February 1975
- Bench
- Y.V. CHANDRACHUD, R.S. SARKARIA, A.C. GUPTA (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24, 12B
Headnote
Income-tax Act (ll of 1922) Sections 128, 22(2A), 24(2A) & (2B)- B Capital loss incurred in 1/te year when capital gains were not exigible to tax- lf could be set against capital gains in subsequent years. By the Income-tax and Excess Profit Tax (Amendment) Act, 1947 s. 12B was inserted in the gains which arise after March 31. 1946, taxable. The same A':t inserted sub-sections (2A) and (2B) in s. 2.4 of the Income-tax Act. As a result of the Indian Finance Act, 1949 which restricted the operation of s. 12B to capital gains ari.sing before April l, 1948, a.nd the Finance (No. 3) Act of
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