1971 (7) TMI 7 - SCH - Income Tax

Loss in sale of share - Tribunals as well as the High Court have concurrently come to the conclusion that the loss in question is trading loss - revenue appeal is dismissed

Summary

The Supreme Court dismissed the appeals by the Commissioner of Income-tax, Bihar & Orissa against Dalmia Jain & Co. Ltd. The issue was whether the loss from the sale of shares was a trading loss or a capital loss. Both the Tribunal and the High Court concluded it was a trading loss. The Court found no grounds for interference and upheld the decision.