Supreme Court · 1979 INSC 108 · Decided 4 May 1979
H. D. Devasia & CO., Kerala v. Commissioner of Income Tax, Kerala
- Court
- Supreme Court of India
- Citation
- 1979 INSC 108 · [1979] 3 S.C.R. 1271
- Case number
- CIVIL APPEAL No. 2716/1972
- Decided
- 4 May 1979
- Bench
- N.L. UNTWALIA, R.S. PATHAK, E.S. VENKATARAMIAH (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24(1), 67, 24
Headnote
ASIA & CO., KERALA v. COMMISSIONER OF Jl\:C0,\1E TAX, KERALA May 4, 1979 12 71 [N. L. UNTWALIA, R. S. PATHAK AND E. S. VENKATARAMIAH, JJ.J Jncon1e Tax Act, 1961, Sections 73 and 75-Scopc of-Losses in specula- 1ion business-A registrred [inn is not entitled tO ha1·e its losses in be entilled to ha\"e thr a111ount of the loss set -0f/ and carried forward for set off under Section 73. The assessee-appellant is a registered firn1 carrying on business at several places in the State of Kerala. Apart from it'i regular trade in various commo­ dities, the assessee
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