appeal from the judgment and decree dated the 14th april 1964 of the allahabad high companyrt in income tax reference number 130 of 1960 and civil appeal number 1762 of 1967.
the accounting year relevant to the assessment year 1953 54 was the period from october 20.
appeal from the judgment and decree dated may 5 1964 of the allahabad high companyrt in income tax reference number 777 of 1961.
ahmedabad 1 .
the income tax officer did number go into the details but ignumbered the figure in the absence of information from the income tax officer assessing the aforesaid firm.
before the appellate tribunal there was no dispute about these figures.
the facts in c.a.
thereafter the assessee moved the tribunal for making a reference to the high companyrt.
the appellate assistant commissioner after examining the details of the loss directed the income tax officer to exclude a profit of rs.
11075 from the firm of kamta prasad raghunath prasad in which the assessee was a partner was claimed.
13232 and it included a sum of rs.
s. 24 1 of the income tax act 1922.
rishi and p.k.
7254 should be set off against profit from other business.
civil appellate jurisdiction civil appeals number 1761 of 1967.
in the personal business of companymission agency the assessee returned a net profit of rs.
before the appellate assistant companymissioner it was submitted that the actual share of loss was rs.
the tribunal rejected this companytention following the decision in keshavlal pramchand v. commissioner of income tax.
sen b.d.
8669 representing loss suffered in speculative dealings in silver paid through the firm kamta prasad raghunath prosad.
number 1761 of 1967 .
1761/67 in which the question in the above form was referred the language of the question being somewhat different in the other appeal may be stated.
in arriving at this figure the net share of loss of rs.
mukherjee for the respondent in c.a.
sachthey for the appellant in both the appeals .
c. sharma v.c.
1951 to october 8 1952.
sharing and r.n.
the judgment of the companyrt was delivered by grover j. the companymon question which arises in these appeals by certificate is whether speculative losses can be set off against profits from any other business activity under s. 10 in spite of the first proviso to.
the assessee who is an individual derived income from three sources i.e. property shares in joint stock companypanies and commission agency business and shares in partnership firms.
