Supreme Court · 1959 INSC 16 · Decided 23 February 1959
The Commissioner of Income-Tax, Mysore, Travancore-Cochin and Coorg, Bangalore v. The Indo Mercantile Bank, Limiled
- Court
- Supreme Court of India
- Citation
- 1959 INSC 16 · [1959] SUPP. 2 S.C.R. 256
- Case number
- CIVIL APPEAL No. 259/1958
- Decided
- 23 February 1959
- Bench
- NATWARLAL HARILAL BHAGWATI, BHUVNESHWAR PRASAD SINHA, J.L. KAPUR (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24(1)
Headnote
23. 256 SUPREME COURT REPORTS [1959] Supp. THE COMMISSIONER OF INCOME-TAX, MYSORE, TRAV ANCORE-COCHIN AND COORO, BANGALORE v. THE INDO MERCANTILE BANK, Lli\H'l'ED (and connected appeal) (N. H. BrrAGWATI, B. P. SINHA and J. L. KAPUR, JJ.) Inconie Tax-Business Loss-Set off-Profits niade in 32(I), first proviso-Indian Income-tax Act, I922 (XI of I922), ss. 3, 4, 6, IO, I4, 24(I), first proviso. Section 32(1) of the Travancore Income-tax Act, which corres­ ponds to s. 24(1) of the lndian Income-tax Act, 1922, provided : "Where any assessee sustains a loss of profits or gains
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)