Supreme Court · 1975 INSC 147 · Decided 31 July 1975
Davenport & CO. PVT. LTD. v. Commissioner of Income-Tax, West Bengal
- Court
- Supreme Court of India
- Citation
- 1975 INSC 147 · [1976] 1 S.C.R. 180
- Case number
- CIVIL APPEAL No. 2034/1970
- Decided
- 31 July 1975
- Bench
- V.R. KRISHNA IYER, R.S. SARKARIA, A.C. GUPTA (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Contract Act Section 30; Income Tax Act Section 24(1)
Headnote
lncome~tax Act·, 1922, Explanation 2 to section 24( 1 )-Tra11sactidn irivolving mere transfer of delivery noks-Loss sustained by the assessee, if as a result of speculati1•e transactions. Indian Sale of Goods Act, 1930, sec. 2(2)-Contract Act, Sec. 30. A B The appellant company which and also acted as agents for selling tea, denved the bulk of it5 income from selling commission on tea. The assessment year in question is C 1959-60. In the relevant previous year which ended on June 30, 1958, the assessee for the first time in its history entered into certain
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)