48,891/ and Rs.
An appeal to the Income tax Appellate Tribunal was also unsuccessful.
The income tax Officer disallowed the claims and the order was companyfirmed in appeal to the Appellate Assistant Commissioner.
Appeals from the judgment and decree dated April 12, 1962 of the Allahabad High Court in I.T.R. No.
1,21,760.
M. Hazarnavis, R. H. Dhebar and R. N. Sachthey, for the appellant in both the appeals .
T. Desai, B. P. Singh and Naunit Lal, for the respondent in both the appeals .
The Judgment of the Court was delivered by Shah, J. The Nainital Bank Ltd., has its head office at Nainital and a branch at Ramnagar.
48,89 1 and in the year 1953 the Bank paid Rs.
1965 1 S.C.R. 340 55 I.T.R. 707.
CIVIL APPELLATE JURISDICTION Civil Appeals Nos.
Under the adjustments made in this manner, in the year 1952 the Bank made a total payment of Rs.
601 602 of 1965.
In its returns for the assessment years 1953 54 and 1954 55 the Bank claimed in companyputing its taxable income the amounts so paid to the companystituents.
But the claim was allowed by the High Court of Allahabad and that order was companyfirmed by this Court see Commissioner of Incometax v. Nainital Bank Ltd. 1 .
1,06,000/ and a large quantity of jewellery pledged with the Bank by its companystituents were stolen by dacoits on June 11, 1951 from the premises of the Bank.
In regard to the loss of jewellery the Bank settled the claims of the companystituents who had pledged their jewellery.
Currency numberes of the value of Rs.
The departmental authorities disallowed the claim.
484 of 1960.
The terms of settlement were these when the market value of the jewellery pledged exceeded the amount advanced, the difference was paid by the Bank to the companystituent when the market value of the jewellery was less than the amount advanced, the difference was recovered from the companystituent.
The Bank claimed in its return for the assessment year 1952 53 the loss of currency numberes as a permissible deduction.
1,21,760/were permissible in the assessment years 1953 54 and 1954 55 respectively ?
