1965 (10) TMI 10

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....red by SIKRI J.-- This appeal by special leave is directed against the judgment of the High Court of Rajasthan, rejecting the application under section 66(2) of the Income-tax Act, filed by the appellant. For the assessment for 1958-59, the Income-tax Officer disallowed loss of Rs. 45,676 incurred by the respondent, M/s. Shri Govind Commercial Co. (P.) Ltd., Jaipur, hereinafter referred to as t....

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....ers as per the terms of the sale contracts. It was further argued that this receiving and making over of delivery orders was tantamount to " actual delivery or transfer of the commodity or scrips " within the meaning of Explanation 2 to section 24(1). The assessee relied on the decision of this court in Duni Chand Rataria v. Bhuwalka Brothers Ltd. The Appellate Assistant Commissioner, however, rej....

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....shares alone. This was with reference to the argument of the assessee that Explanation 2 was not confined to actual delivery or transfer of commodity but spoke of delivery or transfer of scrips also. The Commissioner of Income-tax thereupon filed an application under section 66(1), raising the following two questions : "(1) Whether, on the facts and in the circumstances of the case, the Trib....

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....e High Court observed as follows : "We have heard learned counsel and are inclined to the view taken by the Tribunal that the first question which is sought to be raised is covered by the principle of the decision of their Lordships of the Supreme Court in Duni Chand v. Bhuwalka Brothers Ltd. In that view of the matter, the second question does not arise at all." The learned Solicitor-Genera....