Supreme Court · 1968 INSC 226 · Decided 5 September 1968
Rajputana Trading CO. LTD. v. Commissioner of Income-Tax, West Bengal
- Court
- Supreme Court of India
- Citation
- 1968 INSC 226 · [1969] 1 S.C.R. 1013
- Case number
- CIVIL APPEAL No. 1227/1967
- Decided
- 5 September 1968
- Bench
- J.C. SHAH, V. RAMASWAMI, A.N. GROVER (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2A)
Headnote
c D E F G H Income-tax Act (11 of 1922), s. 10(2A) ands. 24-Speculation bu,~.i­ ness-Liability to pay difference waived by creditors-Amount of ltabzury written back and credited to assessee's account-Amount treated as profit under s. 10(2A)-Profit whether to be treated as profit from speculation loss. The assessee-appellant carried on both speculative as well as n?n· speculative business. The system of account regularly employed bt1ng merqantile, any liability for payment of di~ere-!1ce on ac~unt of specula­ tive transactions was allowed as a deduction m
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