Supreme Court · 1979 INSC 201 · Decided 10 October 1979
Jute Investment CO. LTD. v. Commissioner of Income Tax, West Bengal, Calcutta
- Court
- Supreme Court of India
- Citation
- 1979 INSC 201 · [1980] 1 S.C.R. 902
- Case number
- CIVIL APPEAL No. 2259/1972
- Decided
- 10 October 1979
- Bench
- N.L. UNTWALIA, R.S. PATHAK (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24(1), 66A(2)
Headnote
Indian Income Tax Act 1922, S. 24(1), Explanation 2-Transactions of pur~ "">r-~· chase. and sale between the same parties by mere transfer of delivery orders without physical delivery of goods-Transactions if speculative. The assessee carried on business in purchase and sale of from one party and sold them to the same party by four different contracts, all of which resulted.in a loss of Rs. 2.75 lakhs. The contracts were transferable specific delivery contracts falling within the scope of the bye-laws of the East India Jute & Hessain Exchange Limited which were
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)