{"id":227224,"date":"1973-07-24T00:00:00","date_gmt":"1973-07-23T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/steel-enterprises-pvt-ltd-vs-commissioner-of-income-tax-on-24-july-1973"},"modified":"2017-03-10T18:12:47","modified_gmt":"2017-03-10T12:42:47","slug":"steel-enterprises-pvt-ltd-vs-commissioner-of-income-tax-on-24-july-1973","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/steel-enterprises-pvt-ltd-vs-commissioner-of-income-tax-on-24-july-1973","title":{"rendered":"Steel Enterprises Pvt. Ltd. vs Commissioner Of Income-Tax on 24 July, 1973"},"content":{"rendered":"<div class=\"docsource_main\">Calcutta High Court<\/div>\n<div class=\"doc_title\">Steel Enterprises Pvt. Ltd. vs Commissioner Of Income-Tax on 24 July, 1973<\/div>\n<div class=\"doc_citations\">Equivalent citations: 1977 110 ITR 288 Cal<\/div>\n<div class=\"doc_author\">Author: A Sen<\/div>\n<div class=\"doc_bench\">Bench: A Sen, Hazra<\/div>\n<\/p>\n<pre><\/pre>\n<p>JUDGMENT<\/p>\n<p>A.N. Sen, J.  <\/p>\n<p>1. In this reference under Section 66(1) of the Indian Income-tax Act, 1922, the following two questions have been referred.\n<\/p>\n<p> &#8220;(1) Whether, on the facts arid in the circumstances of the case, the loss of Rs. 71,460 arising out of a transaction between the assessee and Maheshwari Industries, Delhi, was of a speculative nature within the meaning of Explanation 2 to Section 24 of the Indian Income-tax Act, 1922 ?\n<\/p>\n<p> (2) If the answer to the aforesaid question is in the affirmative, whether the same is liable to tax. for that year under Section 10(1) of the Indian Income-tax Act, 1922 ?&#8221;\n<\/p>\n<p>2. The facts  of   the  case have been fully set out in the statement of the case.\n<\/p>\n<p>3. As in our view the first question raised is clearly covered by the decision of this court in the case of Daulatram Rawatmull v. Commissioner of Income-tax  we do not consider it necessary to set out the facts in any detail. We also note that the view expressed by this court in the case of <a href=\"\/doc\/932447\/\">Commissioner of Income-tax v. Pioneer Trading Company Private Ltd.<\/a> [1968] 70 ITR 347 (Cal) draws clear support to the decision of, this court taken in the case of Daulatram Rawatmull v. Commissioner of Income-tax [1910] 78 ITR 503 (Cal)  <\/p>\n<p>4. Following the decision of this court in the aforesaid two cases we answer the question No. 1 in the negative, in favour of the assessee and against the revenue.\n<\/p>\n<p>5. In  view  of  our answer   to   the first question, the second question as framed really does  not  call   for any answer.    We may, however, only add that Mr. Bajoria,   learned counsel for the assessee, has fairly conceded that the answer to the said question is concluded   by a decision of the Supreme Court and that is against the assessee.\n<\/p>\n<p>6. In  the  facts of  this  case,  each  party  will  pay  and  bears its own<br \/>\ncosts.\n<\/p>\n<p>Hazra, J.\n<\/p>\n<p>7. I agree.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calcutta High Court Steel Enterprises Pvt. Ltd. vs Commissioner Of Income-Tax on 24 July, 1973 Equivalent citations: 1977 110 ITR 288 Cal Author: A Sen Bench: A Sen, Hazra JUDGMENT A.N. Sen, J. 1. In this reference under Section 66(1) of the Indian Income-tax Act, 1922, the following two questions have been referred. &#8220;(1) Whether, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,8],"tags":[],"class_list":["post-227224","post","type-post","status-publish","format-standard","hentry","category-calcutta-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Steel Enterprises Pvt. 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