Supreme Court · 1977 INSC 63 · Decided 18 February 1977
Commissioner of Income Tax Gujarat Iii, Ahmedabad & Another v. Kurji Jinabhai Kotecha
- Court
- Supreme Court of India
- Citation
- 1977 INSC 63 · [1977] 3 S.C.R. 26
- Case number
- CIVIL APPEAL No. 580/1972
- Decided
- 18 February 1977
- Bench
- P.K. GOSWAMI, JASWANT SINGH (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24(1), 24(2), 66(1)
Headnote
Inco1ne Tax Act 1922-Section 24(1)(2)-Whether expenses incurred in carrying 011 illegal business to be deducted-Whether loss arising out of illegal business can be set off aKainst profits fro1n le::al business-Whether loss of • ' • illegal business can be1 carried forward to · statutes-Whether, oupht to be consistent l1dth morality-Whether. i·o1Uinuation r of illegal activity to be recognised. l..... . Forward Contracts (Regulation) Act 1952-Sectlo~J 15(4)-lflegal con· tracts-Effect of income tax law. The assessee carries oo business of
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