Supreme Court · 1969 INSC 169 · Decided 7 August 1969
Star Company Limited v. Commissioner of Income Tax (Central) Calcutta
- Court
- Supreme Court of India
- Citation
- 1969 INSC 169 · [1970] 1 S.C.R. 772
- Case number
- CIVIL APPEAL No. 1635/1968
- Decided
- 7 August 1969
- Bench
- J.C. SHAH, V. RAMASWAMI, A.N. GROVER (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
Headnote
Income-Tax-Loss arising in the ordinary course of business-Assessee carrying on business of buying and selling shares-Buying certain shares of a company at well above market price as nominee of associate who acq11ired management of company-Selling shares later to a.rsociate al 111arkrt price-Loss of business. The K company, \\'ho \\'ere the managing agents of the F Company, entereU into an agreement on f\.fay 21, 1952, with the M Company, where­ by the entire share-holding of the K Company consisting of certain prefer­ ence and ordinary shares were to be sold to the ~1 Company or
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