The Income tax Officer refused to allow the loss suffered in the previous year to be set off against the net profit of Rs.
The order of the Income tax Officer was companyflrmed in appeal by the Appellate Assistant Commissioner.
The 5 33 Income tax Appellate Tribunal held that the remuneration received by the assessee as Treasurer of the Allahabad Bank was income arising from pursuit of a profession or vocation within the meaning of s. 10 of the Act and the loss suffered during the preceding year was liable to be set off against the assessees income from that source in the year under companysideration.
Appeal from the judgment and decree dated December 23, 1960 of the Allahabad High Court in Income tax Misc.
20,000 being the loss suffered by the assessee as Treasurer of the Patna Branch of the Allahabad Bank arising from misappropriation by an Assistant Cashier.
475 of 1954.
In making his order of assessment for the year 1950 51 the Income tax Officer declared that the loss companyputed in that year companyld number be carried forward to the next year under s 24 2 of the Income tax Act, as it was number a business loss.
CIVIL APPELLATE JURISDICTION Civil Appeal No.
The Income tax Officer has under s. 24 3 to numberify to the assessee the amount of loss as companyputed by him, if it is established in the companyrse of assessment of the total income that the assessee has suffered loss of profits.
T. Desai, and J. P. Goyal, for the respondent.
Ganapathy lyer, R. H. Dhebar and R.N. Sachthey, for the appellant.
512 of 1964.
Case No.
38,027.
For the assessment year 1951 52, the profit and loss account of the assesses showed Rs.
At the instance of the Commissioner of Income tax, U.P., the following questions were referred to the High Court of Allahabad under s. 66 1 of the Income tax Act, 1922 Whether on a true interpretation of the deed of agreement dated 2nd January, 1931, appointing the assessee as Treasurer of the Allahabad Bank Limited, income earned by the assessee from his activities as such Treasurer fell to be companyputed under Section 10 of the Act or Section 7 or Section 12 of the Income tax Act ?
34,445 and brought that amount of profit to tax as remuneration received by the assessee as Treasurer of the Allahabad Bank.
V. Viswanatha Sastri, 4.
The assessee was assessed to income tax as representing his Hindu undivided family, and the income received by the assessee under the terms of the agreement with the Allahabad Bank, was treated as income of the Hindu undivided family.
The Judgment of the Court was delivered by Shah, J. Under an agreement dated January 2, 1931, Lab Manmohan Das hereinafter called the assessee was appointed Treasurer of the Allahabad Bank Ltd. in respect of certain Branches, Sub Agencies and Pay Offices.
39,370 which included Rs.
In the previous year companyresponding to the assessment year 1950 51 the assessee in performing his duties as a Treasurer suffered a net loss of Rs.
73,815 as receipts, against which were debited outgoings amounting to Rs.
