Supreme Court · 1957 INSC 57 · Decided 23 May 1957
The United Commercial Bank LTD., Calcutta v. The Commissioner of Income-Tax, West Bengal
- Court
- Supreme Court of India
- Citation
- 1957 INSC 57 · [1958] 1 S.C.R. 79
- Case number
- CIVIL APPEAL No. 161/1954
- Decided
- 23 May 1957
- Bench
- NATWARLAL HARILAL BHAGWATI, T.L. VENKATARAMA AIYYAR, J.L. KAPUR (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 277F; Income Tax Act Section 24(2)
Headnote
COURT REPORTS THE UNITED COMMERCIAL BANK LTD., CALCUTTA v. THE COMMISSIONER OF INCOME-TAX, WEST BENGAL (BHAGW ATI, VENKATAAAMA AYYAR and J. L. KAPUR, JJ.j 79 Income Tax-Business loss of Previous Year-Set-off against income of the Assessment Year-Income from "Interest on sec11- bank was computed by the Income-tax Officer by splitting up its income into two -heads "interest on securities" and "business income", and deducting the business loss from interest on-securities. In the previous year the assessment showed a loss which was computed by setting
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