INCOME TAX OFFICER JODHPUR Vs. PURUSHOTTAM DAS BANGUR

JUDGEMENT

(1.) Civil Appeals Nos. 3041 - 43 of 1983.

(2.) C.A. No. 3041 of 1983 arises out of Writ Petition No. 1177 of 1974 filed by Purushottam Das Bangur, respondent No. 1. It relates to the assessment of the said respondent for the assessment year 1969-70. During the accounting year relevant to the said assessment year the assessee claimed that he had suffered long term capital loss on sale of shares of Maharaja Shree Umaid Mills Ltd. during the period March 5, 1969 and March 30, 1969 at the price quoted in the Official Report and quotations of the Calcutta Stock Exchange Association. According to the assessee, he had incurred a loss of Rs. 1,57,792/-. The said claim of the assessee was accepted by the Income-tax Officer, 'C' Ward, Jodhpur while making the assessment and the same was affirmed in appeal by the Appellate Assistant Commissioner.

(3.) Similar notices under S. 147(b) of the Act were issued to respondent No. 2, Rang Lal Bangur, in respect of the assessment years 1969-70 and 1971-72 which were challenged by him by filing Writ Petitions Nos. 1182 of 1974 and 57 of 1975 before the Rajasthan High Court.