In the same account the sales of spirit, sugar and molasses as well as stock and shares appear 1.
3 I.T.R. 632.
The transaction resulted in a loss of Rs.
In a further appeal, the Appellate Tribunal agreed with the companyclusion reached by the Income tax Officer.
The Income tax Officer did number permit this set off.
Appeal from the judgment and order dated July 23, 1963 of the Calcutta High Court in Income tax Reference No.
After hearing the Counsel for.
The assessee claimed to set off this unabsorbed loss pertaining to the share business against its profits in the sugar business for the assessment year 1949 1950.
On April 30, 1947 the entire block of shares was sold to Produce Exchange Corporation Ltd. for Rs.
2,27,085/was carried forward under s. 24 2 of the Income tax Act, 1922 to be hereinafter referred to as the Act to the year 1949 50 and later years.
3,70,356/This loss was treated by the assessee as a trading loss for the assessment year 1948 49.
Mitra, S. K. Aiyar and R. N. Sachthey, for the respondent The Judgment of the Court was delivered by Hegde, J. This is an assessees appeal.
After setting off this loss against the other income of the assessee companypany, a loss of Rs.
At the beginning it owned a distillery at Unnao.
C. Manchanda, Gobind Das and D. N. Gupta, for the appellant.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
The Tribunal has number submitted the second supplementary statement of case called for by this Court.
The assesse companypany was incorporated in 1942.
It acquired a refinery in 1943.
64 of 1958.
With effect from June 1, 1945, the assessee companypany obtained on lease the New Sawan Sugar and Gur Refining Co. During the period from January 29, 1946 to April 23, 1946, the assessee companypany purchased 41,300 shares of the said companypany for Rs.
8,46,750/ .
The appeal came up for hearing before this Court on February 6, 1969.
The assessee is a public limited companypany and the appeal relates to the assessment for the assessment year 1949 1950, companyresponding to the accounting year which is the calendar year ending on December 3 1, 1948.
1585 of 1968.
12,17,006/ .
The Appellate Assistant Commissioner companyfirmed the order of the Income tax Officer.
By its judgment dated April 23, 1963, the High Court answered the question in the affirmative and against the assessee.
Thereafter at the in stance of the High Court, the Appellate Tribunal stated a case under s. 66 2 of the Act on the following question of law Was there any evidence before the Tribunal on which it companyld hold that the business in dealing with shares was distinct and separate from the business of sugar manufacturing and distillery?
The facts found by it are as follows There is a single trading and profit and loss account.
