Jute Investment Co. Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1979-10-10 AY: 1961-62 Section: 43(5), 73(1) Acts: Indian Income Tax Act, 1922 Result: Revenue Citation: (1979) 13 CTR (SC) 188 : (1980) 121 ITR 56 (SC) : (1979) 2 TAXMAN 421 Justices: N.L. Untwalia & R.S. Pathak, JJ. Appeal No: Civil Appeal No. 2259 of 1972
Whether transactions involving transfer of pucca delivery orders without physical delivery of goods constitute 'speculative transactions' under Explanation 2 to Section 24(1) of the Indian Income Tax Act, 1922 --- Held No, they are speculative transactions.

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