Supreme Court · 1993 INSC 171 · Decided 28 April 1993
M.S.P Nadar Sons, Virudhu Nagar v. Commissioner of Income Tax (Central), Madras
- Court
- Supreme Court of India
- Citation
- 1993 INSC 171 · [1993] 3 S.C.R. 446
- Case number
- CIVIL APPEAL No. 4851/1990
- Decided
- 28 April 1993
- Bench
- B.P. JEEVAN REDDY, N. VENKATACHALA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 70(2)(ii), 80T, 256(1)
Headnote
NADAR SONS, VIRUDHU NAGAR v. COMMISSIONER OF INCOME TAX (CENTRAL), MADRAS APPRIL 28, '1993 [B.P.JEEVANREDDY ANON. VENK.ATACHALA,JJ.] Income Tax Act 1961: Sections 70 (2) (ii) and 80T-Assessee- Selling shares held in companies-wng term capital gain as well as long term capital loss-Capital c sold shares it held in several companies; from the sale in three companies it secured a gross long terms capital gain ofRs.5,61,508 D However, in the sale of shares in six other companies it sustained a long term capital loss in a sum of Rs. 96,583. The assessee computed the capital gains on
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