1971 (7) TMI 8

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....court was delivered by HEGDE J.----These appeals are connected with Civil Appeals Nos. 1813, 1848 and 1849 of 1967 which we disposed of on July 23, 1971. All these appeals were dealt with by a common judgment by the High Court, in references under section 66(1) of the Indian Income-tax Act, 1922. The question arising for decision in these appeals is whether some of the losses incurred by the as....

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.... correctness is disputed. It is not necessary to go into the correctness of these figures). The loss in respect of the first year pertains to dealings in shares of New Central jute Mills and Lothian jute Mills and the loss claimed in respect of the second year pertains to purchase and sale of shares of the Punjab National Bank Ltd. and of the New Central Jute Mills Ltd. and Lothian Jute Mills Ltd.....

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....ain companies. The assessee purchased these shares from Mr. Jain. Therefore, the question of purchasing these shares, so that Mr. S. P. Jain may control certain concerns, is a misconception. The conclusion reached by the Tribunal was accepted by the High Court. The High Court has elaborately considered the evidence on record and has come to the conclusion that the dealings with which we are concer....