CHOUTHMAL GOLAPCHAND Vs. STATE

JUDGEMENT

(1.) The facts in this case are set out in the in Annexure A, dated January 8, 1936.

(2.) THE first question is whether on the facts of this case the assessees were entitled to claim a loss on shares by valuing the shares at their market price on the date on which they were divided up amongst the partners ?

(3.) THE assessees say that there was properly a loss on the disposal of those shares and that that loss was the difference between the cost price and price at which they are taken over which is alleged to be the market price on March, 8, 1936. the assessees say that that loss they are entitled to set off against gains on other parts of the business during the accounting year.