Supreme Court · 1970 INSC 109 · Decided 27 April 1970
Produce Exchange Corporation LTD. v. Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 1970 INSC 109 · [1971] 1 S.C.R. 382
- Case number
- CIVIL APPEAL No. 2538/1966
- Decided
- 27 April 1970
- Bench
- J.C. SHAH, K.S. HEGDE, A.N. GROVER (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24(2)
Headnote
EXCHANGE CORPORATION LTD. v. COMMISSIONER OF INCOME TAX April 27, 1970 [J. C. SHAH, K. S. HEGDE AND A. N. GROVER, JJ] Indian Income-tax Act, (II of 1922) s. 24(2) Loss sufjered-C/aun or set off by the assessee fro1n its income-Whether assessee entitled-"Sa1ne A, B business", tests sale of shares of public limited companies. In proceedings for assessment 'for the year 1950-51 the Income-tax Officer declined to take into account the loss suffered. D In his view if the loss be taken as a tr.ading loss it could not be set off against the business income of the assessee because
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