Supreme Court · 1971 INSC 16 · Decided 18 January 1971
Standard Refinery & Distillery LTD. v. Commissioner of Income-Tax, Calcutta
- Court
- Supreme Court of India
- Citation
- 1971 INSC 16 · [1971] 3 S.C.R. 378
- Case number
- CIVIL APPEAL No. 1585/1968
- Decided
- 18 January 1971
- Bench
- K.S. HEGDE, A.N. GROVER (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24(2)
Headnote
Income-tax Act (11 of 1922), s. 22(4)-'Same busines.', tests for. The assessee owned a distillery and a refinery. In 1945, it obtained on lease the sugar factory belonging to another .company, and during the period from January to April 1946, it purchased about 41,000 shares of the lessor company, resulted in a loss. After setting off the loss against the other income ·for the assessment year 1948-49, the unabsorbed loss was carried forward under s. ·24(2) of the Income.tax Act, 1922, to the assess­ ment year 1949-SO. But the assessee's claim to set off the loss
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