Supreme Court of India
M.s.p Nadar Sons, Virudhu Nagar v. Commissioner of Income Tax (central), Madras
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What the Court ordered
For the above reasons, we agree with the opinion expressed by the High Court and dismiss this appeal.
Judgment, page 8
From the headnote
Income Tax Act 1961: Sections 70 (2) (ii) and 80T-Assessee- Selling shares held in companies-wng term capital gain as well as long term capital loss-Capital c gains-Computation of The appellant-assessee was a. Registered Firm. The assessment year concerned was 1973-74. During the relevant previous year being the financial year 1972-73, the assessee sold shares it held in several companies; from the sale in three companies it secured a gross long terms capital gain ofRs.5,61,508 However, in the sale of shares in six other companies it sustained a long term capital loss in a sum of Rs.…
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