Supreme Court Upholds Tax Department's Find that Colliery Sale Profits Are Business Income and Disallows Carry Forward of Ice Factory Loss. Isolated Transaction of Prospecting and Selling a Coal Mine Held to be Business Activity Under Income Tax Act, 1922, and Loss Cannot Be Carried Forward After Cessation of Business.
20 Feb 1969The assessee, a private limited company, carried on multiple businesses including coal mining and a dry ice factory. It obtained a prospecting licence...
