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1965 (10) TMI 10 - SC - Income TaxWhether, on the facts and in the circumstances of the case, the Tribunal was right in holding that there was actual delivery of the commodity within the meaning of Explanation 2 to section 24(1) of the Indian Income-tax Act, 1922 ? Whether, on the facts and in the circumstances of the case, the term 'scrips' in Explanation 2 to section 24(1) of the Indian Income-tax Act, 1922, can refer to scrips pertaining to any commodity or to stocks and shares alone ? Held that:- We need not express an opinion at this stage on the soundness of the view of the Appellate Tribunal in the present case and of are of the opinion that fairly arguable questions of law arise and the High Court should have directed the Appellate Tribunal to state the case and refer it to the High Court. Accordingly, the appeal is accepted and we direct the Appellate Tribunal to state the case and refer it to the High Court.
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