Supreme Court of India
Standard Refinery & Distillery Ltd. v. Commissioner of Income-tax, Calcutta
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What the Court ordered
For the reasons mentioned above we allow this appeal, dis ·charge the answer given by the High Court and answer the re framed question in the affirmative and in favou( of the assessee: The Revenue shall pay the costs of the assessee both in this Co11rt and in the High Court.
Judgment, page 5
From the headnote
Income-tax Act (11 of 1922), s. 22(4)-'Same busines.', tests for. The assessee owned a distillery and a refinery. In 1945, it obtained on lease the sugar factory belonging to another .company, and during the period from January to April 1946, it purchased about 41,000 shares of the lessor company, and in April 1947, sold the entire block of shares. The transa~tion resulted in a loss. After setting off the loss against the other income ·for the assessment year 1948-49, the unabsorbed loss was carried forward under s. ·24(2) of the Income.tax Act, 1922, to the assess ment year 1949-SO. But the
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