The result was a loss of Rs.
The purchases and sales included certain transactions with Messrs Kesardeo Shyamsunder.
From the Judgment and Order dated 6 1 1971 of the Calcutta High Court in I.T.R. No.
96 dated November 11, 1959, 108 dated November 12, 1959 43 dated April 27, 1960 and 836 dated May 25, 1960, the .assessee claimed that 5,700 bales of gunny bags were purchased for RS.
The companytracts were transferable specific delivery companytracts falling within the scope of the bye laws of the East India Jute and Hessian Exchange Limited, the bye laws having been passed with the companycurrence of the Forward Market Commission.
520 dated March 30, 19607 540 and 541 dated April 1, 1960 and 610 dated April 19, 1960 for Rs.
Under companytract Nos.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
The Judgment of the Court was delivered by PATHAK, J. This appeal by certificate under s. 66A 2 of the Indian Income Tax Act, 1922 raises the question whether the tractions in which the assessee was engaged were speculative transactions as defined by Explanation 2 to section 24 1 of that Act.
1,01,51,225 and the total sales during that year were shown at Rs.
19,79,550.
22,05,000/ .
The total purchased disclosed by the assessee for the year ended June 30, 1960 amounted to Rs.
C V. Kapoor Anil Sachthey Miss Bina Gupta and Praveen Kumar for the Appellant.
The assessee says that he sold them to the same party under companytract Nos.
2259 of 1972.
A. Francis and Miss Subashini for the Respondent.
The assessee carries on business in gunnies.
2,25,450.
1,03,27,208.
86/671.
