Supreme Court · 1966 INSC 212 · Decided 11 October 1966
Commissioner of Lncome-Tax, Gujarat v. Kantilal Nathuchand Sami
- Court
- Supreme Court of India
- Citation
- 1966 INSC 212 · [1967] 1 S.C.R. 813
- Case number
- CIVIL APPEAL No. 676/1965
- Decided
- 11 October 1966
- Bench
- J.C. SHAH, V. RAMASWAMI, VISHISHTHA BHARGAVA (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 26A
Headnote
F G H COMMISSIONER OF ll"COME-TAX, GUJARAT v. KANTIJ,AL NATHUCHAND SAMI October 11, 1966 (J. C. SHAH, V. RAMAsWAMI AND V. BHARGAVA, JJ.j 813 Il)dian Income-tax, 1922, s. 24--Registered firm suffering loss in specu-· lation business for two years--Such loss whether to be apportioned and also speculation business. It was registered under s. 26A of the Indian Income-tax Act, 1922, for the assessment years 1958-59, 1959- 60 and 1960-61. In the accounting periods relating to the assessment years 1958-59 and 1959-60 the firm suffered loss in the speculation business. Tbe
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