1971 (8) TMI 38 - SCH - Income Tax

Loss on account of speculation in gold, silver, etc., - whether said speculative loss should be deducted from his other business income - Held, no

Summary

The Supreme Court allowed the appeal against the decision of the Allahabad High Court in a case where the assessee claimed a speculative loss to be deducted from other business income for income-tax assessment. The High Court's decision was set aside based on a previous ruling by the Supreme Court.