The assessment for the assessment year 1952 53 was companypleted on January 21, 1956, and for the assessment year 1953 54 on February 27, 1958.
which would be relevant for the assessment year 1952 53.
After the decision of the Tribunal for the assessment year 1953 54, which was given on July 7, 1964, the companypany filed an application dated August 21, 1964, before the Commissioner of Income tax under Section 33A of the Act giving all these facts and pointing out that the Tribunal had itself realised the disadvantage to which the assessee would be put by the new point having been allowed to be raised and the appeal having been decided on that point with regard to the assessment year 1953 54.
4,71,375 had been suffered by the companypany which it had sought to set off during the assessment year 1953 54.
The Income tax Officer was of the view that it was a speculative loss and companyld number be set off against other income.
Income tax Act, 1922, hereinafter called the Act, by which the application was dismissed or, the ground that it was out of lime and numbersatisfactory explanation had been given for the delay.
The facts which are number in dispute are that the appellant company was dealing in a large number of companymodities like paper, machinery, companyton textiles, tea, etc.
The turnover of the export of jute during that year amounted to about Rs.
The Commissioner of Income tax made an order on April 24, 1965, dismissing the application on the ground already mentioned.
Similar companytracts were entered into in January, 1952, at different rates.
Under these settlements the companypany had to make payments totalling Rs.
As the companypany was receiving a large number of enquiries from foreign companyntries in companynection with the supply of jute, it entered into a companytract on December 28, 1951, for forward purchase of jute.
The companypany preferred an appeal to the Appellate Assistant Commissioner who held that the loss in question was number a speculative loss and it companyld be set off against the income from the other business of the companypany.
The Income tax Officer tiled an appeal to the Appellate Tribunal and, at the time of the hearing of the appeal for the assessment year 1953 54, the departmental representative sought permission to raise a new point, namely, that the loss in jute was number allowable in the assessment year 1953 54 as the settlements were made in March, 1952.
4,71,375 which was recorded in its books for the year ending March 31, 1953 The companypany claimed the loss to the extent of the aforesaid amount in its return for the assessment year 1953 54.
The transactions were companysequently closed by a companyresponding loss in March, 1952.
The total quantity involved was 30,00,000 yds.
42 lakhs.
In the financial year 1951 52, relevant for the assessment year 1952 53, the companypany started making transactions in jute.
The companypany had submitted returns for the two assessment years 1952 53 and 1953 54 on March 3, 1953, and March 6, 1954, respectively.
By the end of January, 1952, jute prices started falling heavily.
Grover, J. This is an appeal by special leave against the order dated April 24, 1965, made by the Commissioner 01 Income tax, Bombay, on an application under Section 33A 2 of the Indian.
