Supreme Court of India
Commissioner of Income-tax, U.P. v. Jagannath Mahadeo Prasad, Etc.
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1 Supreme Court bench has cited this judgment.
What the Court ordered
We are of the opinion that where the language 1s quite clear and no other view is possible it is futile to go into the question whether the proviso to s. 24 ( 1) operates as a sub stantive provision or only by way of an exception to s. 24 ( 1).
Judgment, page 5
From the headnote
c Income-tax Act (11 of 1922), s. 24(1), first proviso-Scope of-Loss from speculative transactions--Set off against, profits and gains- when per missible. The assessee, an individual, derived income from various sources in cluding commission agency business and shares in partnership fr:ms. 1!1 arriving at the net profit for the assessment year 1953-54, he churned his share of the loss tfrom one oi the firms in which he was a partner, as a set off against profits from other business. The. loss was the !esult. of speculative transactions. The Department and Tribunal held agamst him. On a
Where later benches applied it
Of those, 1 mentioned
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