https://www.taxtmi.com/caselaws?id=49477 The High Court dismissed Civil Appeal No. 39 of 1960, ruling in favor of the assessee regarding the applicability of tax provisions to losses incurred in speculative transactions. Conversely, the High Court allowed Civil Appeal No. 40 of 1960, finding that losses in an Indian State should be considered losses of a separate business, not affecting taxable income in British India for excess profits tax purposes. The court directed both parties to bear their own costs in both appeals. en-us Fri, 05 May 1961 00:00:00 +0530 Fri, 29 Aug 2014 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49477 The High Court dismissed Civil Appeal No. 39 of 1960, ruling in favor of the assessee regarding the applicability of tax provisions to losses incurred in speculative transactions. Conversely, the High Court allowed Civil Appeal No. 40 of 1960, finding that losses in an Indian State should be considered losses of a separate business, not affecting taxable income in British India for excess profits tax purposes. The court directed both parties to bear their own costs in both appeals. Case-Laws Income Tax Fri, 05 May 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49477