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.
38,027.
34,445 and brought that amount of profit to tax as remuneration received by the assessee as Treasurer of the Allahabad Bank.
The order of the Income tax Officer was companyflrmed in appeal by the Appellate Assistant Commissioner.
For the assessment year 1951 52, the profit and loss account of the assessee showed Rs.
The Income tax officer has under section 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.
39,370 which included Rs.
The 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.
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.
The Income tax Officer refused to allow the losssuffered in the previous year to be set off against the net profit of Rs.
73,815 as receipts, against which were debited outgoings amounting to 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.
Shah, J. Under an agreement dated January 2, 1931, Lala Manmohan Das hereinafter called the assessee was appointed treasurer of the Allahabad Bank Ltd. in respect of certain branches, sub agencies and pay offices.
