Supreme Court · 1968 INSC 174 · Decided 2 August 1968
Commissioner of Income-Tax, U.P. v. Jagannath Mahadeo Prasad, ETC.
- Court
- Supreme Court of India
- Citation
- 1968 INSC 174 · [1969] 1 S.C.R. 537
- Case number
- CIVIL APPEAL No. 1761/1967
- Decided
- 2 August 1968
- Bench
- J.C. SHAH, V. RAMASWAMI, A.N. GROVER (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24(1)
Headnote
c D E F G H Income-tax Act (11 of 1922), s. 24(1), first proviso-Scope of-Loss from speculative transactions--Set off against, profits and gains- when per­ missible. The assessee, an individual, derived income from various sources in­ cluding commission agency business and shares in assessment year 1953-54, he churned his share of the loss tfrom one oi the firms in which he was a partner, as a set off against profits from other business. The. loss was the !esult. of speculative transactions. The Department and Tribunal held agamst him. On a reference, ihe High Court held in
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