Supreme Court · 1970 INSC 112 · Decided 28 April 1970

Commissioner of Income-Tax, U.P. v. J. P. Kanodia & Co

Court
Supreme Court of India
Citation
1970 INSC 112 · [1971] 1 S.C.R. 418
Case number
CIVIL APPEAL No. 193/1967
Decided
28 April 1970
Bench
J.C. SHAH, K.S. HEGDE, A.N. GROVER (3-judge bench)
Outcome
Case Partly allowed
Case type
Civil
Acts & sections cited
Constitution Article 226; Income Tax Act Section 23

Headnote

OF INCOME-TAX, U.P. v. J, P. KANODIA & CO; .April 28, 1970 [J. c. SHAH, K. s. HEODli AND A. N. GROVER, JJ.j lncomo-tax Act (11 of 1922), ss. 25(5) and 24--R&bull;gfaten'<I /11&middot;111-&shy; furtnus and minors entitled ro benefits of partnership--Respective >hares , In is a roistered firm of two partners. Three minors were admitted to the benefits di the partnership. For the assessment year !957-58, the Income-tax Officer rejected the claim of the firm to set off under s. 24( I) the loss from certain speculative transactions _against profits from other

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