Supreme Court · 1964 INSC 230 · Decided 26 October 1964
PR. AL. M. M. Annamalai Chettiar v. Commissioner of Income-Tax, Madras
- Court
- Supreme Court of India
- Citation
- 1964 INSC 230 · [1965] 1 S.C.R. 827
- Case number
- CIVIL APPEAL No. 131/1963
- Decided
- 26 October 1964
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
Headnote
F PR. AL. M. M. ANNAMALAI CHETTIAR v. COMMISSIONER OF INCOME-TAX, MADRAS October 26, 1964 (K. SUBBA RAo, J. C. SHAH ANDS. M. SIKRI JJ.) Income Tax-Purchase and sale of property in Mal.aya-Purchase in Japanese currency and sale in J,,falayan Currency-Method of coniputing profit and loss. · loss Vt'as incurred as a result of the sale of house properties and rubber gardens. Those properties were pur­ chased by the assessee, in Malaya, during the Japanese occupation, in Japanese currency, but sold in Malayan currency after enemy occupation had ceased. The Income-tax Officer scaled
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