The loss in respect of the first year pertains to dealings in shares of New Central Jute Mills and Lothian Jute Mills and the loss claimed in respect of the second year pertains to purchase and sale of shares of the Punjab National Bank Ltd. and of the New Central Jute Mills Ltd. and Lothian Jute Mills Ltd. and certain other shares.
All these appeals were dealt with by a companymon judgment by the High Court, in references Under Section 66 1 of the Indian Income Tax Act, 1922.
For the year 1952 53, the assessee returned a total income of Rs.
The assessment years with which we are companycerned in these appeals are 1952 1953 and 1953 54.
The assessee is a LimitfdCompany acting as Selling Agents of various companypanies and also carrying on business in shares in Jute as also in speculation.
1,78,508/ and for the year 1953 54, it returned an income of Rs.
In respect of the first year, the assessee claimed a loss of Rs.
19,42,243/ and in respect of the second year a loss of Rs.
10,40,409/ in respect of sale of certain shares.
These figures are taken from the printed statement of case, but their companyrectness is disputed, It is number necessary to go into the companyrectness of these figures .
1,08,573/ .
But according to the Revenue, those losses cannot be companysidered as a trading losses as the shares were purchased at a very high rate, so that Mr. S.P. Jain may companytrol some of the companypanies.
This companytention was rejected by the Tribunal.
The companyclusion reached by the Tribunal was accepted by the High Court.
