Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 1965 (10) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1965 (10) TMI 15 - SC - Income TaxWhether there is any evidence on record to justify the finding of the Tribunal that the assessee failed to prove that they had suffered speculation losses to the tune of ₹ 1,58,080 ? Whether the loss suffered by the assessee in speculation, viz., ₹ 1,58,080, is an admissible deduction under the Indian Income-tax Act ? Held that:- The Income-tax Appellate Tribunal passed its order in appeal under section 33 of the Act on July 2, 1951, and the application under section 66(1) was dismissed by the Tribunal on October 20, 1951. A petition under section 66(2) was moved in the High Court on April 15, 1952, and that petition was disposed of on December 11, 1957. This court was then approached for special leave on March 31, 1958, and the printed record which runs into no more than 81 pages was sent by the High Court to this court in 1964. The High Court, as we have already stated, called for a statement of the case in respect of one question, and we are informed at the Bar that the reference is still pending. These proceedings relate to assessment for the year 1945-46. More than twenty years have elapsed since the end of the year of account and more than fourteen years have gone by since the Tribunal disposed of the appeal. It is a matter of regret that the end of assessment proceedings is not yet in sight. It is hardly necessary to say that delays of this nature in the hearing of cases are apt to bring the administration of justice into contempt. Appeal dismissed.
|