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1 - 10 of 13 (0.26 seconds)Section 10 in Income Tax Rules, 1962 [Entire Act]
Commissioner Of Income Tax, Gujarat vs M/S. S. C. Kothari on 5 October, 1971
This Court held the contracts in that case in respect of
which the loss was incurred by the assessee as illeged
contracts. It also held that the assessee was not entitled
to a set off under the first proviso to. section 24( 1 ) of
the Act of the loss against its profit in speculative trans-
actions. It, however, held that if the business in which
the loss was sustained in that case was the same as the
business in which the profit was derived then the loss had
to be taken into account while computing the profits of the
business under section 10(2) of the Act. In the view it
took this Court remitted the matter to the High Court to.
decide: the point which was not clear on the findings wheth-
er the profits and losses were incurred in the same busi-
ness even though that business involved the entering into of
contracts some of which were illegal.