Supreme Court · 1992 INSC 9 · Decided 15 January 1992
SK. AR. K. AR. Somasundram Chettiar and CO. Madurai v. Commissioner of Income TAX. Madras
- Court
- Supreme Court of India
- Citation
- 1992 INSC 9 · [1992] 1 S.C.R. 49
- Case number
- CIVIL APPEAL No. 1109/1976
- Decided
- 15 January 1992
- Bench
- K. RAMASWAMY, B.P. JEEVAN REDDY (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24, 24(1), 66(1)
Headnote
B Income Tax Act, 1922-Section 24, third proviso, clause (a)-Require­ ments under-Contract--Constructi_o,._contract spoken in first part and in second part--Co-relatio~When the clause applies to speculative transac­ tion, indicated. Income Tax Act, 1922-Section 24, third proviso, clause saved under. c The appellant-assessee, was a registered firm. It was carrying on business in cloth and yarn. Its cloth business consisted mainly in Gada manufactured by certain Mills. D The Income Tax Officer while making the assessment relating to the assessment years of 1960-61 and 1961-62,
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