1973 (7) TMI 33

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d. "(1) Whether, on the facts and in the circumstances of the case, the loss of Rs. 71,460 arising out of a transaction between the assessee and Maheshwari Industries, Delhi, was of a speculative nature within the meaning of Explanation 2 to section 24 of the Indian Income-tax Act, 1922? (2) If the answer to the aforesaid question is in the affirmative, whether the same is liable to tax for tha .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e, in favour of the assessee and against the revenue. In view of our answer to the first question, the second question as framed really does not call for any answer. We may, however, only add that Mr. Bajoria, learned counsel for the assessee, has fairly conceded that the answer to the said question is concluded by a decision of the Supreme Court and that is against the assessee. In the facts of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X