1965 (10) TMI 15

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.... claim the appellant produced entries in the cash book, journal, ledger and ankdas of the original contracts received from commission agents, which according to the appellant proved the losses. The appellant also contended that it had sold family ornaments of the value of Rs. 85,137 to satisfy some of the losses in speculation. The Income-tax Officer rejected the claim of the appellant that it had incurred losses in speculation and treated Rs. 85,137 as income from an undisclosed source. The Appellate Assistant Commissioner of Income-tax, B-Range, Delhi, confirmed the order of the Income-tax Officer. The Income-tax Appellate Tribunal disallowed the claim of the appellant about the losses in speculation, but about the amount of Rs. 85,137 th....

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....arned counsel for the assessee is that, in view of this finding which amounts to acceptance of the case of the assessee that there were some speculation losses, the Tribunal was entirely wrong in disallowing the claim of speculation losses at least to the extent of the sum of Rs. 85,137. In our opinion this point raised on behalf of the assessee is a question of law on which we should ask for a statement of the case from the Tribunal. In the circumstances, we direct the Tribunal to state the case on this point as indicated by us above after framing an appropriate question." Against the order of the High Court refusing to state the case with regard to the loss of Rs. 1,58,080, the appellant has appealed to this court with special leave. ....

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....undisclosed sources, and is on that account not liable to be included in the appellant's income has no direct bearing on the question relating to proof of loss of Rs. 1,58,080. We have felt greatly disturbed at the leisurely pace at which this case has reached this court. The Income-tax Appellate Tribunal passed its order in appeal under section 33 of the Act on July 2, 1951, and the application under section 66(1) was dismissed by the Tribunal on October 20, 1951. A petition under section 66(2) was moved in the High Court on April 15, 1952, and that petition was disposed of on December 11, 1957. This court was then approached for special leave on March 31, 1958, and the printed record which runs into no more than 81 pages was sent by the....