New Jehangir Vakil Mills Co. Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1963-04-10 AY: 1945-46 Section: 28(i), 45(1) Acts: Indian Income Tax Act, 1922 Result: Revenue Citation: (1963) 49 ITR 137 (SC) : (1963) TAX 16(3)-563 : Justices: S.K. Das, A.K. Sarkar & M. Hidayatullah, JJ. Appeal No: Civil Appeal No. 445 of 1962
Whether the assessee was a dealer in shares in 1943 and continued to be such in 1944, affecting computation of profits from share sales in 1944 --- Held Yes; Whether profits from share sales in 1944 should be computed by taking market value as on opening day of 1944 as cost --- Held No, as assessee was a dealer from 1943.

šŸ”’ Direct Access Blocked

For your security and to prevent unauthorized automated access, individual judgment links cannot be opened directly. Please access this content via Google Search or the TaxPundit Search Portal.

AI Deep Dive
0/5 selected

Membership Required

Unlock official PDFs for all landmark cases.

JOIN NOW āž”
Shopping Cart