Supreme Court · 1986 INSC 137 · Decided 16 July 1986
Patnaik & CO. LTD. v. The Commissioner of Income Tax, Orissa
- Court
- Supreme Court of India
- Citation
- 1986 INSC 137 · [1986] 3 S.C.R. 207
- Case number
- CIVIL APPEAL No. 1359/1974
- Decided
- 16 July 1986
- Bench
- R.S. PATHAK, SABYASACHI MUKHERJI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
\ \ Business loss-Purchase of Government bonds or securities with the object of increasing the assessee's business with the Government c and/or retaining the goodwill of the authorities for the purpose of its business and loss incurred thereby-Whether capital loss or revenue loss. Jurisdiction of of facts, whether permissible. D Supreme Court Rules, 1966 Order XL VII Rule 6-Supreme Court can itself decide the questions referred to the High Court to avoid + further delay instead of remanding the case. The assessee deals in automobiles and also sells spare motor parts. E For the
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