Saroj Aggarwal vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1985-09-30 AY: 1962-63 Section: 72, 73, 74, 78(2) Acts: Income Tax Act 1961, Indian Partnership Act 1932 Result: Assessee Citation: (1985) 49 CTR (SC) 183 : (1985) 156 ITR 497 (SC) : (1985) 23 TAXMAN 76 Justices: V.D. Tulzapurkar & Sabyasachi Mukarji, JJ. Appeal No: Civil Appeal No. 542 of 1974
Whether the assessee, who succeeded her deceased husband as a partner in the firm, was entitled to set off the speculation losses of her husband against her speculation profits under section 78(2) of the Income Tax Act, 1961 --- Held Yes, as she succeeded by inheritance.

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