The assessee challenged that order by means of a writ petition as mentioned earlier.
37,306 on account of speculation in gold, silver, etc.,
By an order dated September 21, 1961, his revision petition was dismissed.
Thereupon, the assessee filed a revision petition before the Commissioner under Section 33A of the Indian Income tax Act, 1922.
The Income tax Officer rejected that claim.
228 of 1962.
and urged that the said speculative loss should be deducted from his other business income.
He claimed a loss of Rs.
The assessee was assessed to income tax for the assessment year 1959 60.
The order of the Income tax Officer was upheld by the Appellate Assistant Commissioner.
S. Hedge, J. This appeal by certificate arises from the decision of the Allahabad High Court in Civil Misc.
Writ Petition No.
