MANU/SC/0370/1968

IN THE SUPREME COURT OF INDIA

Decided On: 02.08.1968

Appellants: Commissioner of Income-tax, U.P.
Vs.
Respondent: Jagannath Mahadeo Prasad
[Alongwith Civil Appeal No. 1762 of 1967]

Hon'ble Judges:
J.C. Shah, V. Ramaswami and A.N. Grover, JJ.

Subject: Direct Taxation

JUDGMENT

A.N. Grover, J.

1. The common question which arises in these appeals by certificate, is whether speculative losses can be set off against profits from any other business activity under Section 10 in spite of the first proviso to Section 24 (1) of the Income-tax Act, 1922.

2. The facts in C. A. 1761/67 in which the question in the above form was referred, the language of the question being somewhat different in the other appeal, may be stated. The as

Buy this document