CIT v. Thayaballi Mulla Jeevaji Kapasi [1967] 66 ITR 147 (SC)

[1967] 66 ITR 147 (SC) SUPREME COURT OF INDIA Commissioner of Income-tax v. Thayaballi Mulla Jeevaji Kapasi SHAH, J.C., SIKRI, S.M., RAMASWAMI, V. CIVIL APPEAL NO. 212 OF 1964 MARCH 15, 1967 JUDGMENT SHAH J.—Thayaballi Mulla Jeevaji—hereinafter called “the respondent”—was a trader in “Malabar produce”, cloth, pepper and other commodities. For the assessment year 1945-46, the respondent submitted a return disclosing a net business loss of Rs. 7,960. The Income-tax Officer, Kozhikode, District Malabar, completed the assessment on March 29, 1946, a...