COMMISSIONER OF INCOME TAX Vs. PIONEER TRADING COMPANY PVT LTD

JUDGEMENT

(1.) THIS is a reference under s. 66(1) of the Indian IT Act.

(2.) THE year of assessment is 1959-60, corresponding to the accounting period ending with the calendar year 1958.

(3.) THEN again, Explanation 2 is referable to the second proviso, which is now really the first proviso, because the Explanation explains the expression "speculative transactions" used in that proviso. We should, therefore, read the question in a somewhat changed manner and instead of the words "Explanation 2 to the third proviso to s. 24(1) "read" Explanation 2 to s. 24(1), "in order to obviate all criticism. This was agreed upon by the learned counsel appearing for the parties.