Supreme Court · 1977 INSC 181 · Decided 21 September 1977
R. Dalmia v. C.I.T., Delhi, New Delhi
- Court
- Supreme Court of India
- Citation
- 1977 INSC 181 · [1978] 1 S.C.R. 537
- Case number
- CIVIL APPEAL No. 1519/1971
- Decided
- 21 September 1977
- Bench
- P.N. BHAGWATI, S. MURTAZA FAZAL ALI (2-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 12(2)
Headnote
537 lnco1ne Tax Act 1922, s. I2(2)-.1~ssessee borrowed money from a bank and bought shares-Agreement prol'icled that divid'!nd etc., on shares declared after a certain date shall be held by the bank for the benefit of the assessee­ Shares not taken delivery of by the assessee by the stipulated loa11 and da1nages paid-If pcr- A B !ni~sible deduction. (' The assessee borrowed a hirge sum of money from a bank and purchased ~hares from it; but did not tale delivery of the transfer forms and share certi­ ficates by making payment of the purchase price. Clause (3) of the agree­
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