TMI Blog1970 (12) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... al loss - - - - - Dated:- 2-12-1970 - Judge(s) : D. K. MAHAJAN., BAL RAJ TULI. JUDGMENT The assessee, M/s. Gondhara Transport Company Private Ltd., Faridkot, is a transport company operating on Faridkot to Ablu, Kotkapura to Bhagta and Bhatinda to Kotkapura routes. In the financial year 1953-54 it purchased 1,543 shares of Rs. 100 each of M/s. Janta Transport Co. Ltd., for Rs. 1,01,654 wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -60, but was disallowed by the Income-tax Officer. The Appellate Assistant Commissioner also concurred with the Income-tax Officer and so did the Tribunal on further appeal. Aggrieved by that decision the assessee-company filed an application under section 66(1) of the Income-tax Act, 1922, which was allowed by the Tribunal and the following question of law along with the statement of the case has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l transport authorities. The competition could be eliminated only in one of the three ways, that is (i) making applications for route permits on the routes which were common to the assessee-company and M/s. Janta Transport Co. Ltd., and managing that the latter company would not object to the grant of route permits to the assessee-company ; (ii) by working and operating on the route permits of M/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a dealer in shares. The record shows that this was the only investment in shares that the assessee-company made and, therefore, the loss suffered in the realisation of that investment is also a capital loss as the investment was not necessary for earning profits or carrying on the business of the assessee. Looked at from any point of view, the loss suffered by the assessee was of a capital nature ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
