Supreme Court · 1973 INSC 97 · Decided 25 April 1973
Raghunath Prasad Poddar ETC. v. Commissioner of Income Tax, Calcutta
- Court
- Supreme Court of India
- Citation
- 1973 INSC 97 · [1974] 1 S.C.R. 91
- Case number
- CIVIL APPEAL No. 1032/1970
- Decided
- 25 April 1973
- Bench
- K.S. HEGDE, HANS RAJ KHANNA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
91 Income-tax A ct (1922), Sec. 24( l) Proi·iso, Explanation 2 Speculative rran­ sactions-Goods sold by delivery of Pucca Delivery Orders and not by actuaf delivery to the im1nediate haver whether sveculative. The assessee. inter alia. deals in jute ,and jute goods. For the relevant business in the sale and purchase of gunny bags. The Income-tax Officer treated those losses as speculative, holding that there was no actual delivery of the· gunny bags as the· transaction was settled only by the delivery of Pucca Delivery Orders (P.D.Os). The principal question for
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