Madhya Pradesh Court November 1978 Judgments
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Jugalkishore Asati Vs. State of Madhya Pradesh
Court: Madhya Pradesh
Decided on: Nov-09-1978
Reported in: AIR1979MP89; 1979MPLJ161
C.P. Sen, J.1. This is plaintiff's appeal against the dismissal of the suit with costs for damages and interest by the District Judge, Balaghat. The only relief granted is that the plaintiff is entitled to adjustment of an amount of Rs. 2391.20p. towards the last defaulted instalment and the defendant is restrained from recovering the amount so paid from the plaintiff.2. The plaintiff is a forest contractor. In a public auction held on 3-8-1949 the plaintiff acquired right to extract, collect and remove all the Harra grown in Government forest of Lamta, Baihar and Shupkhar ranges, apart of Balaghat range, Raiyatwari, Minhai forest and unoccupied lands lying within the boundaries of the said forest ranges and areas under the management of Irrigation and Veterinary Departments within the said forest ranges. The indenture was signed by the Forest Secretary of the Forest Department of the defendant on 14-1-1950. The period of lease was from 30-1-1949 to 30-6-1952 as per Ex. B.-1. The consi...
Commissioner of Income-tax, M.P. Vs. Agrawal Brothers.
Court: Madhya Pradesh
Decided on: Nov-07-1978
Reported in: [1980]123ITR231(MP)
OZA J. (2-12-77). - This is a reference made by the Income-tax Appellate Tribunal, Indore Bench, at the instance of the department.The facts giving rise to this reference are that the assessee returned income of Rs. 12,811 after charging to the accounts loss, claimed to be hedging loss, amounting to Rs. 93,554. The ITO observed that the loss arose from forward contracts entered into by the assessee which were settled otherwise than by actual delivery of transfer of goods. The losses were claimed by way of difference in the accounts dealt with by the assessee. Before the ITO, it was however, claimed that to the extent of Rs. 38,230, the difference in price debited to the difference account, pertained to the ready business and the balance of Rs. 56,248 was covered by prov. (a) to s. 43(5) of the I.T. Act, 1961, which corresponds to prov. (a) to Expln. 2 to s. 24(1) of the Indian I.T. Act of 1922. The ITO held that whole of the loss of Rs. 98,091 arose from speculative transactions and co...
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