1973 (7) TMI 33

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....wing two questions have been referred. "(1) Whether, on the facts and in the circumstances of the case, the loss of Rs. 71,460 arising out of a transaction between the assessee and Maheshwari Industries, Delhi, was of a speculative nature within the meaning of Explanation 2 to section 24 of the Indian Income-tax Act, 1922? (2) If the answer to the aforesaid question is in the affirmative, wh....