TMI Blog1979 (10) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of sale and purchase were settled by handing over delivery orders and payment by cheque - question is answered in favour of revenue - - - - - Dated:- 10-10-1979 - R. S. PATHAK. and N. L. UNTWALIA. JUDGMENT The judgment of the court was delivered by PATHAK J.-- This appeal by certificate under section 66A(2) of the Indian I.T. Act, 1922, relates to the application of Expln. 2 to s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive transactions within the meaning of Explanation 2 to section 24(1) of the Indian Income-tax Act, 1922, and, therefore, was not allowable to be set off under section 24(1) of the said Act ? " The High Court has answered the question in favour of the revenue. It appears the assessee entered into several transactions of sale and purchase with different parties, and the transactions were settl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision arises because in the present case there has never been any suggestion that actual delivery of goods was ultimately effected. The case of the assessee through out has been that handing over of the delivery orders was sufficient as constituting actual delivery of the goods. In the result, the appeal fails and is dismissed with costs. Appeal dismissed. - - TaxTMI - TMITax - Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
