1993 (1) TMI 26 - HC - Income Tax

Summary

The High Court of Gujarat ruled in favor of the assessee regarding the invocation of sections 52(1) and 52(2) of the Income-tax Act. The court held that the short-term capital loss claimed was allowable, citing the Supreme Court's decision in K. P. Varghese v. ITO. The reference was disposed of with no order as to costs.