Supreme Court · 1961 INSC 216 · Decided 5 May 1961
The Commissioner of Income-Tax New Delhi v. M/S. Chuni Lal Moonga Ram
- Court
- Supreme Court of India
- Citation
- 1961 INSC 216 · [1962] 2 S.C.R. 823
- Case number
- CIVIL APPEAL No. 39/1960
- Decided
- 5 May 1961
- Bench
- S.K. DAS, M. HIDAYATULLAH, J.C. SHAH (3-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
Headnote
SUPREME COURT REPORTS 823 'l'HE COl\IMltl~fONEH OF INCOME-TAX NEW DELHI ·v. l\1/s. CHUNI LAL MOONGA HAM (~. K. DAs, l\L HU>AYATULLAH and J.C. :-lHAH, JJ.) E'.r,ce88 /'1'1.!fif.., 1'a .. r--lnco1ne-.A .. .,~esseecarryinr1 on. business in fr1,xab1c lcrri'.!01·11- -Lu8SC'i t'.ncurred OH speculath·e \Jusiness in bullion at Delhi. It en­ tered into transaction:-; in the nature of forward transactions with parties al Bhatinda (in the Patiala State outside the taxable territories uf llriti'!t India) in which it suffered losses. The assessee clain1c<l
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