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1964 (10) TMI 15 - SC - Income TaxWhether on the facts and in the circumstances of the case the disallowance of the loss of $ 67,764 as claimed and the computation of the profit at $ 382 is valid in law ? Held that:- The principle adopted by the High Court appears to be unexceptionable that to ascertain the real profits the department was right in computing the cost price of the properties in Malayan currency in accordance with the Schedule appended to the Ordinance. It accords with our view. Adverting to the second argument that the Schedule to the Ordinance should be confined only to the scaling down of debts we are unable to hold that the department and the Tribunal were in error in adopting the conversion table furnished in the Schedule to the Malayan Ordinance. Appeal dismissed.
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