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        Income Tax

        1971 (7) TMI 7 - SCH - Income Tax

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        Court upholds categorization of share sale loss as trading loss, dismissing tax commissioner's appeal The Supreme Court dismissed the appeals by the Commissioner of Income-tax, Bihar & Orissa against Dalmia Jain & Co. Ltd. regarding the ...
                      Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                        Provisions expressly mentioned in the judgment/order text.

                            Court upholds categorization of share sale loss as trading loss, dismissing tax commissioner's appeal

                            The Supreme Court dismissed the appeals by the Commissioner of Income-tax, Bihar & Orissa against Dalmia Jain & Co. Ltd. regarding the categorization of loss from the sale of shares as a trading loss or a capital loss. Both the Tribunal and the High Court determined it to be a trading loss, a decision upheld by the Court with no grounds for interference.


                            The Supreme Court dismissed the appeals by the Commissioner of Income-tax, Bihar & Orissa against Dalmia Jain & Co. Ltd. The issue was whether the loss from the sale of shares was a trading loss or a capital loss. Both the Tribunal and the High Court concluded it was a trading loss. The Court found no grounds for interference and upheld the decision.
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