However, his further appeal to Tribuanl was upheld.
From the Judgment and Order dated 19.4.1973 of the Madras High Court in Tax Case NO.
The Judgment of the Court was delivered by P. JEEVAN REDDY, J. These appeals by the assessee are preferred against the judgment of the Madras High Court answering the question referred to it in favour of the Revenue.
1109 10 of 1976.
278 of 1967.
17,000 in the assessment year 1961 62 were saved from being treated as speculative transactions by Clause a of the third proviso to Section 24 1 of the Income Tax Act, 1922.
CIVIL APPELLATE JURISDICTION Civil Appeal Nos.
Its Head Office is at Madurai with branches at Vijayanagaram and Calcutta.
The assessee is registered firm carrying on business in cloth and yarn.
Dr V. Gaurishankar, P. Parmeswarn, S. Rajappa and Ms. Subhashini for the Respondents.
T.M. Sampath for the Appellant.
Its trade in cloth companysisted mainly in Gada manufactured by certain mills including Meenakshi Mills Ltd., Virudhanagar Textiles Ltd. and Loyal Textiles Mills Ltd. The assessment yeras companycerned herein are 1960 61 previous year ending on 12.4.1960 and 1961 62 pervious year ending on 12.4.1961 .
Dissatisfied with the order of the Tribunal, the Revenue asked for and obtained the above reference.
