Supreme Court of India
The Commissioner of Income-tax, Madras v. The Lakshmi Vilas Bank Ltd. Karur
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From the headnote
Income Tax Act, 196! : Income T(J)t-Business income-AYs 1964-65 and 1965-66-Asses- !.'ee-Bank in the course of its usual business purchased and sold securities for and on behalf of its constituents in consideration of commission or brokerage-As Gil usual practice assessee-Bank received front its constituents ''111argin 111oney in deposit 11 and purchased securities at their face value in its own nantl.-flowever, the constituents failed to pay the balance amount-Bank foifeited margin money and adjusted it against purchase price of secwities mid showed balance as cost of securitieie-Held :
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