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Jan 31 1979 (TRI)

Nar Hari Dalmia Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1984)7ITD463(Delhi)

1. This appeal by the assessee relates to the assessment year 1975-76 and is directed against the inclasion of interest income of Rs. 920 on speculative profit of Rs. 9,200 earned in 1965 and included in the assessee's income for the assessment year 1966-67. The point has now come up before this Special Bench as the assessee contends that it is not assessable as his income on the basis of a decision of a Calcutta Bench of the Tribunal in the case of B.K. Birla [IT Appeal No. 533 (Cal.) of 1974-75, dated 23-9-1975].2. The facts of the present case are as follows : The assessee, Shri Nar HariDalmia, has been deriving income by way of dividends. On 10-1-1966 Shri Nar Hari Dalmia purporting to act on behalf of his minor daughter, Kumari Archana, contracted to purchase 10,000 shares of Indian Iron & Steel. Co. Ltd. at the rate of Rs. 23.65/23.67 per share.On 13-1-1966 those shares were sold by Shri Nar Hari Dalmia again purporting to act on behalf of his daughter at the rate of Rs. 24....

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